Senior citizens prefer doing fixed deposits (FDs) over any other investment plans. This is because of a few reasons, like they get better interest rates than savings accounts, their money is safe, they don't need to worry about markets, get income tax benefits, among others. They also get payouts on a monthly or quarterly basis to meet daily expenses. Some of the FD plans also provide insurance of up to Rs 5 lakh by the Deposit Insurance and Credit Guarantee Corporation (DICGC).

This article will talk about the FD interest rates provided by PSU banks to senior citizens on a 1-year FD. We will also calculate the maturity on Rs 5 lakh investment. Take a look:

State Bank of India (SBI) 1-year FD rate

The PSU bank provides a 6.75 per cent interest rate to senior citizens on a one-year FD sc

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