Senior Citizens Fixed Deposit: Today, on 21 August, World Senior Citizen Day is being celebrated. This day is celebrated to honor the contribution of our senior citizens to the society. On such an occasion, the financial security of senior citizens should also be talked about.
SBI Senior Citizens Fixed Deposit: Today, on 21 August, World Senior Citizen Day is being celebrated. This day is celebrated to honor the contribution of our senior citizens to the society. On such an occasion, the financial security of the senior citizen should also be talked about. Especially after retirement, to live life easily, it is important to invest at the right time. The Superhit scheme of State Bank of India (SBI) can be your right choice for this. Investing in SBI’s Senior Citizen Term Deposit Scheme can double your money. Senior citizens are getting good returns under this scheme.
Senior Citizen’s FD Scheme
SBI Bank is giving interest return at the rate of 7.50% to senior citizens under this scheme. Talking about other periods, FD is available for periods ranging from 7 days to 10 years. The bank is giving interest ranging from 3.50% to 7.50% on this. Under the scheme, senior citizens get the benefit of 50 bps i.e. 0.50 per cent. You also get the facility of loan on this.
How will 5 lakhs become 10 lakhs?
If you invest money in this scheme for 10 years, then your money will double directly. If you want to invest Rs 5 lakh, then let’s see the complete calculation.
- Total Investment – Rs 5,00,000
- Interest rate- 7.5%
- Investment Period – 10 years
- Money invested – Rs 5 lakh
- Interest return – Rs 5,51,175
- Total return – Rs 10,51,175
That means your money will be more than doubled. You will get the benefit of five and a half lakhs directly from the interest.
How will 10 lakhs become 21 lakhs?
If you want to invest 10 lakhs then the calculation will be like this.
- Total Investment – Rs.10,00,000
- Interest rate- 7.5%
- Investment Period – 10 years
- Money invested – Rs 10 lakh
- Interest return – Rs 11,02,349
- Total return – Rs 21,02,349
Remember that SBI revises the interest rates on its schemes from time to time, so there can be some change in this calculation. According to the current interest rate, before investing, you must calculate once that how much will be your return.
