SBI Patron FD scheme for super senior citizens: How super senior citizens can avail higher interest rates on fixed deposits
The State Bank of India has launched a new variant of fixed deposit SBI Patrons for super senior citizens. Under the SBI Patrons scheme, super senior citizens will be offered higher interest rates over applicable interest on fixed deposits for senior citizens. Note that a fixed deposit is also known as a term deposit.#sr_widget.onDemand p, #stock_pro.onDemand p{font-size: 14px;line-height: 1.28;} .onDemand .live_stock{left:17px;padding:1px 3px 1px 5px;font-size:12px;font-weight:600;line-height:18px;top:9px} #sr_widget.onDemand .sr_desc{margin:0 auto 0;} #sr_widget.onDemand .sr_desc{color: #024d99;margin-top:10px;} #sr_widget.onDemand .crypto .live_stock .lb-icon{8px 6px 5px 3px !important} #sr_widget.crypto.onDemand a.text{border-bottom:1px solid #ccc;padding-bottom:5px;display:block;width:100%} #sr_widget.onDemand .sr_desc .text p, #stock_pro.onDemand .sr_desc .text p{font-size:12px;font-weight:400;}
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Here’s a detailed breakdown of the SBI Patrons scheme and related SBI offerings:
Key Features of SBI Patrons FD scheme
Eligibility: Resident individuals aged 80 years and above qualify as super senior citizens under Section 194P of the Income Tax Act, 1961.Higher interest rate: Super senior citizens get an additional 10 basis points (bps) over the existing interest rate applicable to senior citizens. A 100 bps means 1%.Applicability: The scheme applies only to retail term deposits less than Rs 3 crores.Current FD rates for senior citizens (Base rates for reference)
TenorsRevised Rates for Senior Citizen w.e.f. 15/06/20247 days to 45 days446 days to 179 days6180 days to 210 days6.75211 days to less than 1 year71 Year to less than 2 years7.32 years to less than 3 years7.53 years to less than 5 years7.255 years and up to 10 years7.50*
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*Including additional premium of 50 bps under “SBI We-care” deposit scheme.
Super senior citizens under the SBI Patrons scheme would enjoy 10 bps higher than these rates.
Comparison with other SBI deposit schemes
SBI We-care deposit scheme offers senior citizens an interest rate of 7.50% for tenors of 5 years to less than 10 years. Under the scheme, additional premium of 50 bps (over and above existing premium of 50 bps) over card rate for public i.e., 100 bps over card rate for public.
SBI Amrit Vrishti
The specific tenor scheme of “444 days” (Amrit Vrishti) offers a 7.75 % interest rate for senior citizens. The scheme will be valid till March 31, 2025.
SBI Amrit Kalash
The specific tenor scheme of “400 days” (Amrit Kalash) offers a 7.60% interest rate for senior citizens. The scheme will be valid till March 31, 2025.
FD interest rate up to 7.6%: SBI extends Amrit Kalash special fixed deposit deadline
Other details of SBI Patron FD scheme
Minimum Deposit: Rs 1,000.
Maximum Deposit: Less than Rs 3 crores.
Mode of Operation: Can be opened singly or jointly. For joint accounts, the primary account holder must be 80 years or older.
Premature Withdrawal: Permitted, subject to applicable penalties.
How senior citizens can avail the benefits of SBI Patrons fixed deposit scheme?
Super senior citizens do not need to notify the bank manually to avail higher rates under SBI Patrons term deposit scheme. SBI’s CBS (Core Banking System) will apply the increased rates automatically based on their date of birth.The SBI Patrons scheme is for individuals aged 80 years or above which enhances their returns on fixed deposits. Alongside other schemes like SBI We Care, Amrit Vrishti, and Amrit Kalash, it offers flexibility and competitive rates tailored to senior citizens' financial needs.
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This story originally appeared on: India Times - Author:Faqs of Insurances
