State Bank of India (SBI) has introduced the SBI Patrons Fixed Deposit (FD) scheme, targeting super senior citizens aged 80 years and above. This scheme aims to reward elderly customers with extra benefits and higher returns on their fixed deposits.
Eligibility Criteria
The SBI Patrons FD scheme is exclusively available to super senior citizens who are at least 80 years old. Both single and joint accounts can be opened under this scheme, with the condition that the primary account holder must be 80 or older.
Interest Rate
The interest rate for the SBI Patrons FD is 10 basis points (bps) higher than the regular FD rates offered to senior citizens. Since 100 bps equals 1%, the maximum interest rate for this scheme is 7.60% for a tenure of 2-3 years.
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Deposit Amount
The scheme allows a minimum deposit of Rs 1,000. The maximum deposit limit is under Rs 3 crore. It offers flexibility for both small and large investors.
Tenure
The tenure for this scheme ranges from 7 days to 10 years. Customers also have the option for premature withdrawal, though penalties for early withdrawal will apply as per the bank’s usual policies.
Maturity Amount For Rs 10 Lakh Investment
For an investment of Rs 10 lakh under the SBI Patrons FD scheme, the maturity amount after 2 years will be approximately Rs 11,62,501. This means a return of Rs 1,62,501. However, the actual maturity amount may vary slightly due to interest rate changes or other factors.
Benefits Of SBI Fixed Deposits
Fixed deposits are popular because they offer guaranteed returns, making them a safe investment option. With SBI’s SBI Patrons scheme, super senior citizens can enjoy higher returns compared to standard FD schemes. This scheme provides a secure way to grow savings with fixed, predictable returns.
Additionally, SBI offers other FD options like the Amrit Vrishti Scheme, which gives senior citizens an interest rate of 7.75% for a tenure of 444 days.
In summary, the SBI Patrons FD scheme provides super senior citizens with the opportunity to maximize their returns with special rates and terms. It’s a perfect option for those seeking safety, stability, and extra benefits for their hard-earned money.
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