State Bank of India (SBI), the country’s largest lender, has launched a new fixed deposit scheme, ‘SBI Patrons,’ aimed at offering enhanced returns for super senior citizens aged 80 and above. This scheme is part of SBI’s effort to recognise the patronage of elderly customers and provide them with additional benefits.
Key features of the SBI Patrons scheme:
- Eligibility: Available to individuals aged 80 years or more, either singly or jointly. In the case of a joint FD account, the primary account holder must be at least 80 years old.
- Interest Rate: Super senior citizens will receive an interest rate 10 basis points (bps) higher than the regular senior citizen FD rates.
- Deposit Type: The scheme offers Term Deposits (TDR) and Short-Term Deposits (STDR), which are callable only.
- Deposit Amount: Minimum deposit is ₹1,000, and the maximum limit is less than ₹3 crore.
- Tenure: The deposit term ranges from 7 days to 10 years.
- Mode of Operation: Available for both single and joint accounts.
- Premature Withdrawal: Premature withdrawal is allowed, subject to the usual penalties for term deposits.
Benefits for super senior citizens:
- Higher Returns: Super senior citizens will earn additional interest, providing them with better returns on their savings.
- Automatic Benefits: Existing term deposit customers will automatically benefit from the higher interest rate once they turn 80, based on their date of birth in the bank’s system.
- Flexibility in Term: Customers can choose from a range of deposit tenures to suit their financial needs.
This new offering from SBI also aims to enhance financial security for elderly citizens by rewarding their long-term relationship with the bank.
