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SBI Patrons FD scheme for super senior citizens The State Bank of India has introduced a new fixed deposit scheme called SBI Patrons for super senior citizens. Under the SBI Patrons FD scheme, super senior citizens would receive higher interest rates than senior citizens on fixed deposit investments. Resident individuals aged 80 years and above qualify as super senior citizens under Section 194P of the Income Tax Act, 1961.
SBI Patrons FD scheme investment details Following the investment details of SBI Patron FD scheme that super senior citizens should know 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. FD term- The tenure will be the same as applicable for fixed deposits How super 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 a 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 of the super senior citizens. SBI Patrons FD scheme 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%.
The interest rate varies between 4.10% to 7.60% for super senior citizens.
SBI Patron scheme offers 1 year FD interest rate at 7.4% and 2 year FD interest rate at 7.6%.
Comparison with other SBI deposit schemes SBI is offering other FD deposit schemes to the senior citizens which includes super senior citizens as well. 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, an additional premium of 50 bps (over and above the existing premium of 50 bps (over card rate for public i.e., 100 bps over card rate for public) is given to the senior citizens.
The specific tenor scheme of "444 days" (Amrit Vrishti) offers a 7.75 % interest rate for senior citizens. The specific tenor scheme of "400 days" (Amrit Kalash) offers a 7.
60% interest rate for senior citizens. The bank offers the highest interest rate on SBI Amrit Vrishti for "444 days" at 7.75% interest rate for senior citizens.
The scheme will be valid till March 31, 2025..
