Image Source : PTI SBI latest FD rates for senior citizens: Fixed deposits or FDs offer guaranteed returns.
SBI latest FD rates for senior citizens: State Bank of India (SBI) is the largest banking and financial services organisation in India. The country’s largest lender offers several fixed deposit schemes for senior citizens. The fixed deposit rates for senior citizens are usually higher than those offered to others. This makes FDs one of the most preferred investment options.
Fixed deposits or FDs offer guaranteed returns and therefore investors know exactly how much they will get on the maturity. Here we are going to tell you about the different FDs rates offered by the SBI for senior citizens i.e. those aged 60 years and above.
SBI Amrit Vrishti Scheme interest rate – This scheme has a tenure of 444 days and offers an interest rate of 7.75 per cent. On an investment of Rs 1 lakh, senior citizens can get Rs 1,07,978 on maturity.
1-year FD scheme – The PSU bank offers 7.30 per cent interest rate to senior citizens on a fixed deposit for 1 year. On investment of 1 lakh, they can get Rs 1,07,502.
2 years FD scheme – The FD rate of the bank for 2 years is 7.50 per cent. On investment of Rs 1 lakh, senior citizens will get Rs 1,07,714 on maturity.
3 years FD scheme – SBI gives 7.25 per cent interest rate to senior citizens on FDs for 2 years. On investment of 1 lakh, they can get Rs 1,07,450.
5 years FD scheme – On 5 year FD schemes, the public sector bank is offering an interest rate of 7.50 per cent. On investment of Rs 1 lakh, senior citizens can get Rs 1,07,714.
Nomination facility – The bank offers a nomination facility to investors. This means the depositor can nominate family members to collect the maturity amount.
Loan against fixed deposit – The bank offers a loan against fixed deposit and the interest rates are usually lower when compared to other loans.
