FAQs
So, to double your money, the only way is to invest via a senior citizen account for 10 years. If you invest ₹1 lakh, for instance, for a period of 10 years, the investment becomes ₹1.96 lakh for regular citizens and ₹2.06 lakh for senior citizens.
What is the new FD rates for senior citizens SBI? ›
SBI offers FD interest rates of 3.50%-7.25% p.a. to the general public and 4.00%-7.75% p.a. to senior citizens for tenures ranging from 7 days to 10 years. The interest rate of SBI Tax Saving FD is 6.50% p.a. for the general public and 7.50% p.a. for senior citizen depositors.
What is the SBI money doubling scheme? ›
SBI 1 lakh FD will provide 2 lakh rupees
So if you deposit Rs 1 lakh in SBI then you can get more than 1,90,000 Rupees at the time of completing the maturity. But if you are a senior citizen then you will get additional benefits from the FD scheme in SBI then you will get interest rates of 7% annually.
How much time is required to double money in FD? ›
Suppose you invest in post office fixed deposit (FD) for 5 years. At present, the interest rate given on the FD is 7.5 per cent. In such a situation, when you divide the current interest rate by 72, the answer will be 72/7.5 = 9.6. According to this calculation, your money will double in 9 years and 6 months.
Which bank gives 9.5 interest on FD? ›
Unity Finance Bank's highest FD rate
The small finance bank is offering its highest rate on fixed deposits with a tenure of 1001 days, providing regular investors with 9% interest and senior citizens with 9.5% interest.
How can I get 10,000 interest monthly in SBI? ›
How to earn a monthly fixed income of Rs 10,000 with this scheme? To receive a monthly income of Rs 10,000 from this scheme, a customer will have to make a one-time deposit of 5,07,964. The return from the scheme based on a 7 percent rate of interest would bring back an amount of Rs 10,000 every month.
What is the highest interest rate on FD for senior citizens in post office? ›
The minimum investment in Post Office FD is INR 1,000. However, there is no limit on the maximum amount of investment in Post Office FD. What is senior citizen fixed deposit interest rates in Post Office? The senior citizen fixed deposit interest rates in Post Office range between 6.9% to 7.5% p.a.
How long does it take to double money rule? ›
It's an easy way to calculate just how long it's going to take for your money to double. Just take the number 72 and divide it by the interest rate you hope to earn. That number gives you the approximate number of years it will take for your investment to double.
How many years to double your money in SBI? ›
State Bank of India (SBI): The largest state lender offers 6.5 per cent to general citizens on fixed deposits for 10 years and 7.5 per cent to senior citizens. This means if someone invests ₹100 in an SBI FD, it would grow to ₹187.71 in 10 years.
What is the rule of 70 doubling money? ›
The Rule of 70 Formula
Hence, the doubling time is simply 70 divided by the constant annual growth rate. For instance, consider a quantity that grows consistently at 5% annually. According to the Rule of 70, it will take 14 years (70/5) for the quantity to double.
How much time it takes to double the money with SBI FD. The online SBI Fixed Deposit calculator shows that senior citizens can double their money by booking an FD for a 10-year tenor. For example, if a senior citizen deposits Rs 50,000 in the 10-year SBI FD, it will grow to Rs 1,05,117 in 10 years.
What is the fixed deposit rates of SBI for senior citizens? ›
SBI Bank offers FD interest rates of 3.50% - 7.10% p.a. to the general public and 4% - 7.60% p.a. to senior citizens for tenures ranging from 7 days to 10 years.
What is the special FD for senior citizens? ›
Senior Citizen FD in India 2024. Senior Citizen Fixed Deposits (FDs) are term deposit plans with special interest rates offered to individuals who are over the age of 60. The rate of interest on senior citizen FDs in India ranges from 3.00% to 8.50% for tenures ranging from less than one year to more than five years.
What is the maximum tenure of FD in SBI? ›
The minimum deposit tenure to open an FD account is 7 days. The maximum deposit tenure for an FD account is 10 years. The minimum deposit amount is Rs. 1,000.
What is senior citizen age for FD in SBI? ›
As per the Income-Tax Act, 1961, an individual resident who is 60 years or above in age but less than 80 years at any time during the previous year is considered as Senior Citizen for Income Tax purposes.
