SBI Senior Citizen FD: How long does it take to double the money?

Senior citizens can now double their money faster than before as per the State Bank of India's (SBI) recent revision of Fixed Deposit interest rates. Bank is offering a 7.5% interest rate on 5- to 10-year SBI Senior Citizen FD beginning February 15, 2022. This includes a 50-bps premium provided by the bank to elders under the "SBI We-care" deposits of 5 to 10 years, as well as an additional 50-bps interest rate applicable to senior citizens for all tenors.In comparison to the current rate, SBI was offering seniors only 6.5% annual interest between February 15th and June 14th, 2022.

According to the online SBI Fixed Deposit calculator, senior citizens can double their money by booking an FD for a 10-year term. For example, if a senior citizen invests Rs 50,000 in a 10-year SBI fixed deposit, it will grow to Rs 1,05,117 in 10 years. Similarly, one lakh rupees will grow to Rs 2,10,234. However, if you invest Rs 50,000 in a 10-year SBI FD between February and June 2022, your maturity amount will be Rs 95,277, while the maturity value of the Rs 1 lakh deposit will be Rs 1.9 lakh.

Aside from the high interest rate on the 5 to 10 year FD, the SBI is also offering senior citizens attractive returns on term deposits of other tenors beginning February 15, 2023. The bank is offering 7.5% interest on deposits of two to three years, while 7.3% interest is available on deposits of one to two years. SBI offers seniors 7% interest on deposits of three to five years. In addition, the public sector bank recently launched a 400-day Amrit Kalash Deposit Scheme that pays 7.6% interest to senior citizens.