SBI Special FD Scheme: The State Bank of India (SBI) has launched a special fixed deposit (FD) plan called ‘SBI Patrons’ for super senior citizens—individuals who are 80 and above. Under the ‘SBI Patrons’ scheme, available to both existing and new FD investors, the bank will offer super senior citizens an interest rate of 10 basis points (bps) above the card rates.
SBI Patrons: Key features of the scheme and eligibility criteria for depositors Purpose:
The main purpose behind launching the scheme is to offer some kind of patronage to super senior citizens by providing an additional interest rate benefit.
Eligible customers:
All individuals (including SBI staff) aged 80 years and above, either singly or jointly.
For joint accounts, the primary account holder must be 80 years of age or older.
Existing term deposit customers, including SBI staff, will automatically receive the additional interest benefit upon reaching the eligible age.
The system automatically updates based on the date of birth in the CBS system—no action is required by account holders.
Applicable to retail deposits only (term deposit amount less than Rs 3 crore).
Type of deposit:
TDR/STDR (callable only).
Minimum & maximum deposit amount:
Minimum: Rs 1,000
Maximum: Less than Rs 3 crore
Period of deposit:
7 days to 10 years.
Mode of operation:
Single or joint account holders.
Premature withdrawal:
Allowed with a penalty clause applicable for normal term deposits.
Also read: Small savings schemes rates announced! Check interest rates on PPF, SSY, SCSS for Q4 FY25
SBI has also launched a recurring deposit scheme called ‘Har Ghar Lakhpati’. Under the scheme, customers can accumulate Rs 1 lakh or above in their accounts by depositing small savings every month and become ‘LAKHPATI’ on maturity of the deposit.
Key features of ‘Har Ghar Lakhpati’ recurring deposit scheme:
Purpose: To help customers accumulate Rs 1 lakh or more through monthly deposits, enabling them to become Lakhpati.
Eligible customers:
All Resident Individuals (single or joint accounts).
Minors above 10 years (if they can sign legibly) or with a guardian.
Minimum and Maximum Instalment: Pre-calculated instalment as per Annexure-II.
Partial payment of the installment: Allowed.
Maturity amount:
Rs 1 lakh or its multiple,
» Read More
