State Bank of India (SBI) offers specialized Fixed Deposit (FD) schemes for senior citizens (individuals aged 60 and above). These schemes provide a higher interest rate compared to general public rates, ensuring better financial security for retirees. The SBI WeCare deposit is a notable scheme that offers additional premiums on specific tenures.
Key Benefits for Senior Citizens
Extra Yield: Senior citizens usually get an additional 0.50% interest rate. For tenures of 5 years and above, the "SBI WeCare" scheme may offer an additional 0.30% (total 0.80% above regular rates).
Flexible Tenure: Choose between 7 days to 10 years.
Liquidity: Facility for premature withdrawal (with minor penalties) and loan/overdraft facility up to 90% of the deposit.
Tax Savings: Deposits up to ₹1.5 lakh in the SBI Tax Savings Scheme qualify for deductions under Section 80C.
How the Calculator Works
This calculator uses the compound interest formula to determine your maturity amount. SBI typically compounds interest on a quarterly basis for long-term FDs.
The Formula: A = P (1 + r/n)^(nt)
P: Principal Amount
r: Annual Interest Rate (decimal)
n: Number of compounding periods per year
t: Total tenure in years
Example Calculation
If a senior citizen invests ₹1,00,000 for 5 years at an interest rate of 7.50% p.a. (compounded quarterly):
Component
Value
Principal Amount
₹1,00,000
Tenure
5 Years
Interest Rate
7.50%
Total Interest
₹44,995
Maturity Amount
₹1,44,995
Latest SBI Senior Citizen Rates (Estimated)
While rates fluctuate based on RBI policy, senior citizens typically enjoy ranges from 4.00% (7-45 days) to 7.50% or higher for specialized tenures like the 400-day "Amrit Kalash" scheme.
function calculateSBIFD() {
var p = parseFloat(document.getElementById("fdPrincipal").value);
var y = parseFloat(document.getElementById("fdYears").value) || 0;
var m = parseFloat(document.getElementById("fdMonths").value) || 0;
var d = parseFloat(document.getElementById("fdDays").value) || 0;
var r = parseFloat(document.getElementById("fdRate").value);
var n = parseInt(document.getElementById("fdCompounding").value);
if (isNaN(p) || p <= 0) {
alert("Please enter a valid deposit amount.");
return;
}
if (isNaN(r) || r <= 0) {
alert("Please enter a valid interest rate.");
return;
}
// Convert total tenure to years
var t = y + (m / 12) + (d / 365);
if (t <= 0) {
alert("Please enter a valid tenure.");
return;
}
// Compound Interest Formula: A = P(1 + r/n)^(nt)
var rateDecimal = r / 100;
var maturityAmount = p * Math.pow((1 + (rateDecimal / n)), (n * t));
var interestEarned = maturityAmount – p;
// Formatting numbers to Indian Rupees style
var formatter = new Intl.NumberFormat('en-IN', {
maximumFractionDigits: 0
});
document.getElementById("resPrincipal").innerText = "₹" + formatter.format(p);
document.getElementById("resInterest").innerText = "₹" + formatter.format(interestEarned);
document.getElementById("resMaturity").innerText = "₹" + formatter.format(maturityAmount);
document.getElementById("fdResults").style.display = "block";
}