SBI Senior Citizens Fixed Deposits 2023
A fixed deposit or an FD is an investment option that several banks and non-banking financial companies (NBFC) offer wherein the customers can invest an amount of their money for a fixed term and earn higher interest rates than a normal savings account. Fixed deposits are available for flexible and different terms, ranging from very short-term durations of 7-14 days to long periods of 10 years.
Features of SBI Fixed Deposits
- SBI fixed deposits comes with several customer-friendly features including:
- Flexible Interest payments options: half-yearly/quarterly/monthly basis
- Investment period varies from 7 days to 10 years
- Minimum deposit amount is Rs. 1,000 only
- There is no maximum limit on deposit
- Nomination facility is also available in SBI FDs
- Loan facility is also available, up to 90% of the principal amount can be availed against SBI FD
Essential Documents for Opening an SBI FD account
- Application Form
- Depositor’s photograph (2 copies)
- Identity proof & Address proof as per KYC Norms
- PAN Card copy/ Form 60 or 61
- Aadhaar Card
Benefits of SBI Senior Citizens Fixed Deposits
- Nomination facility available
- Automatic renewal option can be opted after maturity
- Partial withdrawal facility on the deposits is also offered
- Loan availing option up to 90% of the deposit amount
- Online operation for the FD account
Eligibility Criteria to Open an SBI FD account
- Any Individual
- Joint account but it cannot exceed 4 applicants
- Minor with a legal guardian
- Partnership
- Any Company
- Any association or Institute
- NRIs
Revised SBI Senior Citizen Fixed Deposit Interest Rates 2022-23
| Period | Per Annum Interest Rates (w.e.f. 13th December 2022) | Per Annum Interest Rates for Senior Citizens (w.e.f. 13th December 2022) |
| 7 days to 45 days | 3.00 | 3.50 |
| 46 days to 179 days | 4.50 | 5.00 |
| 180 days to 210 days | 5.25 | 5.75 |
| 211 days to less than 1 year | 5.75 | 6.25 |
| 1 year to less than 2 years | 6.75 | 7.25 |
| 2 years to less than 3 years | 6.75 | 7.25 |
| 3 years to less than 5 years | 6.25 | 6.75 |
| 5 years and up to 10 years | 6.25 | 7.25 |
Please note that the senior citizen SBI FD interest rate for 5 years to 10 years duration includes an additional interest rate of 50 bps under “SBI Wecare’’ scheme.
SBI WE CARE Scheme: For Senior Citizens
A special “SBI Wecare” Deposit scheme for Senior Citizens is also introduced where an additional premium of 30 bps (in addition to existing 50 bps) will be payable to Senior Citizen’s on their retail FD for '5 Years and above' investment period only. "SBI Wecare” deposit scheme option is extended till 30th September, 2022.
Purpose of the scheme: ‘SBI WE CARE’ offers an additional interest on the term deposits of senior citizens, thus protecting their income after retirement.
Eligibility: Only individuals of 60 years or above of age are eligible for this scheme
Deposit tenure: This scheme comes with a minimum investment period of 5 years and maximum investment period of 10 years.
Offered Interest Rates: Additional premium of 0.80% is payable to senior citizens under this scheme
Frequently Asked Questions for Senior Citizens Fixed Deposit Interest Rates
Q. What is the maximum SBI senior citizen fixed deposit interest rate ?
A. Senior citizens can earn up to 7.25 percent interest rate on their SBI fixed deposits. This is 0.50 percent higher than the interest rate applicable on term deposits by regular citizens.
Q. When did the latest SBI senior citizen FD interest rates come into effect?
A. The latest and currently applicable SBI senior citizen fixed deposit interest rates came into effect on 13th December 2022. The bank has the right to revise these interest rates at its discretion, as per the guidelines set by the Reserve Bank of India.
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