![](data:image/svg+xml;charset=utf-8,<svg height="32" width="135" xmlns="http://www.w3.org/2000/svg" version="1.1"/>)
![](data:image/svg+xml;charset=utf-8,<svg height="16" width="68" xmlns="http://www.w3.org/2000/svg" version="1.1"/>)
![](data:image/svg+xml;charset=utf-8,<svg height="18" width="8" xmlns="http://www.w3.org/2000/svg" version="1.1"/>)
![](data:image/svg+xml;charset=utf-8,<svg height="15" width="18" xmlns="http://www.w3.org/2000/svg" version="1.1"/>)
![](data:image/svg+xml;charset=utf-8,<svg height="15" width="15" xmlns="http://www.w3.org/2000/svg" version="1.1"/>)
![](data:image/svg+xml;charset=utf-8,<svg height="675" width="1200" xmlns="http://www.w3.org/2000/svg" version="1.1"/>)
For a man, there is no bigger happiness than being a father. But then, there is no bigger responsibility than being a father too. Father’s Day which would be observed on June 18 this year is a celebration of fathers’ contributions to our daily upbringing.
Some may already be fathers while others may be lucky to be still living with their aged fathers to guide them at every step. Most aged fathers do not seek much except a bit of our time and attention. This explains why gifting them small tokens of happiness like simple financial gifts that they can fall back on can help.
Gifting the SBI Amrit Kalash FD scheme
You can start by gifting them small fixed deposit schemes that promise high yields, if invested by June 30 this year. Take, for example, the “SBI Amrit Kalash” scheme offers 7.60 per cent interest for 400 days. SBI on its site has mentioned, “The specific tenor scheme of ‘400 days’ (Amrit Kalash) at an interest rate of 7.10% w.e.f. April 12, 2023. Senior citizens are eligible for a rate of interest of 7.60%. The scheme will be valid till June 30, 2023.”
Let us assume that you gift a fixed deposit worth ₹2,00,000 to your father under the SBI Amrit Kalash scheme.
Investment Amount: ₹2,00,000
Interest Rate: 7.6%
Investment Tenure: 400 days
translates to
Interest Earned: ₹15,639
Closing Balance: ₹2,15,639
Gifting an Indian Bank special FD
A small investment for 400 days yields a 7.75 per cent interest rate to senior citizens. Considering how most retired people may be risk-averse and, thereby, prefer to put money in fixed deposits, gifting your father the Indian Bank special FD may not be a bad idea after all.
Investment Amount: ₹2,00,000
Interest Rate: 7.75%
Investment Tenure: 400 days
translates to
Interest Earned: ₹15,956
Closing Balance: ₹2,15,956
Securing finances via SBI WE Care
The biggest fear that most old people have is outliving the amount saved for their old age. This also explains why many of them put their entire savings in bank deposits to earn monthly, quarterly, or half-yearly interest to maintain their daily expenses.
This Father’s Day, decide to gift him security as well as peace of mind by giving him an FD under the “SBI WE Care” scheme for five to 10 years. Depending on his current financial condition and how long he wishes to avail of the FD benefits, you may choose the FD tenure.
Investment Amount: ₹2,00,000
Interest Rate: 7.50%
Investment Tenure: 5 years
translates to
Interest Earned: ₹89,990
Closing Balance: ₹2,89,990
OR
Investment Amount: ₹2,00,000
Interest Rate: 7.50%
Investment Tenure: 10 years
translates to
Interest Earned: ₹2,20,472
Closing Balance: ₹4,20,472
Most aged people are wary of mutual funds or other investment schemes and prefer to stick to traditional investment schemes for continued returns. This explains why these FDs may serve as the best financial gift to your father to show him how much you care for him and wish to secure his financial future.