Senior Citizen Fixed Deposit Calculation: Senior citizens can now book FD with a bank at up to 9% or more interest rate.
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Senior Citizen Fixed Deposit Calculation: Almost every bank has increased fixed deposit interest rates in the last few months. Senior citizens can now book FD with a bank at up to 9% or more interest rate. The FD interest rate for general citizens has also jumped above the 9% mark.
However, before opening an FD account with a bank, senior citizens as well as others should know that only Rs 5 lakh (including principal and interest) in a bank FD is guaranteed under RBI’s Deposit Insurance and Credit Guarantee Corporation (DICGC) rules.
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Suryoday Small Finance Bank (SSFB) recently increased its fixed deposit interest rate to 9.6% for senior citizens on deposits of 5-year tenor. Fixed Deposit calculator shows that by depositing Rs 3 lakh in SSFB Fixed Deposit, senior citizens can get Rs 4.82 lakh in 5 years, which is well below that deposit insurance limit of Rs 5 lakh and hence, will be guaranteed.
Here’s a look at how much senior citizens can get on SSFB fixed deposits of Rs 50,000 to Rs 10 lakh in 5 years.
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- Rs 50,000 deposit: It will grow to Rs 80,347 in 5 years at 9.6% interest.
- Rs 1 lakh deposit: It will grow to Rs 1.6 lakh in 5 years at 9.6% interest.
- Rs 2 lakh deposit: It will grow to Rs 3.2 lakh in 5 years at 9.6% interest.
- Rs 3 lakh deposit: It will grow to Rs 4.82 lakh in 5 years at 9.6% interest.
- Rs 4 lakh deposit: It will grow to Rs 6.42 lakh in 5 years at 9.6% interest.
- Rs 5 lakh deposit: It will grow to Rs 8 lakh in 5 years at 9.6% interest.
- Rs 6 lakh deposit: It will grow to Rs 9.6 lakh in 5 years at 9.6% interest.
- Rs 7 lakh deposit: It will grow to Rs 11.24 lakh in 5 years at 9.6% interest.
- Rs 8 lakh deposit: It will grow to Rs 12.85 lakh in 5 years at 9.6% interest.
- Rs 9 lakh deposit: It will grow to Rs 14.46 lakh in 5 years at 9.6% interest.
- Rs 10 lakh deposit: It will grow to Rs 16 lakh in 5 years at 9.6% interest.
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Apart from SSFB, Unity Small Finance Bank is also offering up to 9.5% FD interest to senior citizens while SBI, Axis Bank and HDFC Bank are offering more than 7.5% FD interest to seniors. With IDFC Bank, senior citizens can get up to 8.25% interest.
