SBI’s superhit scheme! Deposit 10 lakhs at one go, after 10 years you will get 21 lakhs

SBI’s superhit scheme!  Deposit 10 lakhs at one go, after 10 years you will get 21 lakhs

SBI Scheme: Generally, with increasing age, the risk-taking ability of most people regarding investment decreases. After retirement, no common investor wants to take any kind of risk with his money.

It is true that after being a senior citizen, money cannot be taken at risk, but it is not that the options to make money out of money are over. Banks have many such schemes for senior citizens in which the benefit of guaranteed income is available. One of these is the Senior Citizen Term Deposit Scheme of State Bank of India (SBI).

If you are a recent retiree and have sufficient corpus, you can invest in SBI Senior Citizen FD Scheme for a longer tenure.

SBI FD Rates 2023: How much will senior citizens benefit

According to the information given on the SBI website, senior citizens can deposit money in SBI’s FD scheme for a maturity period ranging from 7 days to 10 years. Generally, senior citizens get half a percentage point i.e. 0.50% more interest than regular customers on fixed deposits. At the same time, senior citizens get 1 percent more interest on FDs of 5 years to 10 years.

These are the interest rates

According to SBI’s website, regular customers are getting 6.5 per cent interest per annum on FDs ranging from 5 years to 10 years, while the bank is offering 7.5 per cent per annum interest to senior citizens. In fact, senior citizens get an additional half per cent premium interest under the SBI V-Care Deposit Scheme on FDs of 5 to 10 years.

SBI FD: Rs 10 lakh will become Rs 21 lakh in 10 years

Suppose a senior citizen deposits Rs 10 lakh in a 10 year maturity scheme of SBI. According to the SBI FD calculator, on maturity, the investor will get a total of Rs 21,02,349 at an interest rate of 7.5 per cent per annum. There will also be a fixed income of Rs 11,02,349 in the form of interest.

SBI has increased interest rates by 0.25 per cent on deposits of less than Rs 2 crore from February 15, 2023. Along with making loans costlier, banks are also increasing interest rates on deposits. Earlier, SBI had increased the interest rates on FDs on 13 December 2022.

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