Regular investment can bring big returns in the long run. Investment experts always emphasize this. Currently, there are many investment options in the market, but most of them come with risks. However, investments like government schemes, bonds, and bank deposit schemes offer guaranteed returns without any risk.
When it comes to bank deposit schemes, the first thing that comes to mind for most people is fixed deposits. There is nothing wrong with that. At present, banks are offering attractive interest rates on fixed deposits. For senior citizens, these rates are even higher compared to regular customers. If someone wants, they can also open a fixed deposit in the name of an elderly family member. Different banks provide FD schemes at different interest rates.
SBI Fixed Deposit: How Much Will You Earn on ₹7 Lakh for 7 Years?
Interest Rates for SBI Fixed Deposits
5 to 10 years:
- General customers: 6.50% per annum
- Senior citizens: 7.50% per annum
3 to less than 5 years:
- General customers: 6.75% per annum
- Senior citizens: 7.25% per annum
2 to less than 3 years:
- General customers: 7.00% per annum
- Senior citizens: 7.50% per annum
Maturity Amount for ₹7 Lakh in 7 Years
For general customers:
- Total amount at maturity: ₹10,99,294
- Interest earned: ₹3,99,294
For senior citizens:
- Total amount at maturity: ₹11,77,583
- Interest earned: ₹4,77,583
SBI’s fixed deposit offers steady returns, and senior citizens benefit from higher interest rates.