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SBI FD Scheme : For safe investment with high interest and guaranteed returns, most people prefer to invest in fixed deposit schemes of banks. State Bank of India is running many FD schemes for senior citizens. The bank gives higher interest to the elderly on some FDs. Along with this, investors also get income tax exemption on deposits up to Rs 1.50 lakh in five-year FDs.

At present, SBI is giving 7.30% interest on senior citizen FDs for one year, 7.50% for two years, 7.25% for three years, 7.50% for five to ten years. Apart from this, SBI is giving 7.60% interest on 400 days under Amrit Kalash Yojana. (These figures are as per Paisa Bazaar website)

In this article, we will tell you what benefits you will get by investing Rs 1 lakh each in 1 year, 3 year and 5 year SBI Senior Citizen FD and how much money you will get on maturity.

Return on one year FD (SBI FD Scheme)

A senior citizen gets a return of 7.30 percent on a one-year FD of State Bank of India. So, on an investment of Rs 5 lakh, you will get Rs 37,511 as interest in a year. On maturity, you will get Rs 5,37,511.

Return on 2 year FD

Senior citizens get 7.50 percent interest on two-year FD. By investing Rs 5 lakh for two years, you will get Rs 80,111 as interest, on maturity this amount will become Rs 5,80,111.

Return on 3 year FD

The bank gives 7.25 percent interest to the elderly on a three-year FD. So, on investing Rs 5 lakh, you will get an interest of Rs 1,20,273. At the time of maturity, you will get a total of Rs 6,20,273.

Return on 5 year FD

SBI Senior Citizen FD of five years offers an interest rate of 7.50 percent. On investing Rs 5 lakh in this, you will get an interest of Rs 2,24,974. On maturity of the FD, you will get a total amount of Rs 7,24,974.