SBI's New FD Scheme For Super Senior Citizens; Check Interest Rate, Eligibility And Return Calculator

The SBI Patrons FD Scheme is a fixed deposit plan designed specifically for super senior citizens aged 80 years and above. This scheme offers higher interest rates compared to those available to regular senior citizens. 

As per Section 194P of the Income Tax Act, 1961, a super senior citizen is an individual who is 80 years old or more at any time during the previous year. Under this scheme, they receive an additional 10 basis points (bps) over the standard senior citizen FD rates. 

The SBI Patrons FD Scheme offers interest rates ranging between 4.10% and 7.60% for super senior citizens. Specifically, the one-year FD rate is 7.4%, while the 5-year FD rate is 7.6% for super senior citizens.  

To invest in this scheme, the minimum deposit required is Rs 1,000, while the maximum permissible deposit is Rs 3 crore. 

The deposit period under this scheme ranges from 7 days to 10 years. In case of premature withdrawal, a penalty will be applicable as per the standard term deposit rules.  

The scheme is open to all individuals, including SBI staff aged 80 years and above. Both single and joint account holders can apply, ensuring broader financial security for elderly investors.  

A Rs 10 lakh investment in the SBI Patrons FD Scheme for 5 years is estimated to mature at Rs 14,57,081, generating a return of Rs 4,57,081. The monthly interest payout would be approximately Rs 6,333. (Image Credit: File Photo)