SBI New FD: SBI has launched a new FD scheme for senior citizens. It has been told that investment can be made with a minimum of Rs 1000 and money can be invested for 7 days to 10 years.
SBI New FD: The country’s largest government bank SBI has launched a special FD for super senior citizens. Its purpose is to strengthen the financial security and stability of the elderly. This FD of State Bank of India (SBI) is for senior citizens of 80 years and above, which has been named SBI Patron Fixed Deposit Scheme.
Under the SBI Patron FD scheme, super senior citizens get an additional 10 basis points (0.10 percent) interest rate over the current senior citizen rates. According to Amol Joshi, founder of Plan Rupee Investment Services, the increase of 10 basis points in the interest rate is a welcome step, but its impact is relatively minor. This means that the interest rates for super senior citizens will be from 4.10 percent to 7.60 percent.
Invest with Rs 1,000
The minimum deposit amount in this scheme is Rs 1,000, while the maximum deposit limit is Rs 3 crore. The account can be operated singly or jointly, but for joint accounts the primary account holder must be at least 80 years of age. The deposit period ranges from 7 days to 10 years. This means that in this scheme you can invest with the least amount as well as for the shortest time.
Highest interest in how much time
SBI also offers several other FD schemes for senior citizens, including super senior citizens. These schemes include SBI V-Care Deposit Scheme, which offers 7.6 percent interest rate on one-year FD and 7.9 percent on two-year FD. Its return is higher than SBI Patrons FD scheme. Apart from this, SBI’s special short-term FD schemes like 444-day Amrit Vrishti (7.75 percent interest rate) and 400-day Amrit Kalash (7.60 percent interest rate), also offer higher interest rates than the SBI Patrons scheme.
Other banks also offer good returns
According to Lieutenant Colonel Rochak Bakshi (retired), founder of Pune-based financial and investment planning firm True North Finance, some banks like Bank of Baroda and HDFC Bank also offer high interest rates of 7.5 percent for a period of five years for super senior citizens, while Kotak Mahindra Bank gives 7.6 percent. In comparison, SBI offers a relatively low interest rate of 7.35 percent for a period of five years.
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