SBI Scheme: According to the information available on SBI’s website, senior citizens deposit in SBI’s FD scheme for maturity ranging from 7 days to 10 years.
SBI Scheme: Generally, as the age increases, the ability to take risk regarding investment decreases. After retirement, no common investor wants to take any kind of risk regarding his money. It is true that after being a senior citizen, risk cannot be taken on money, but it is not that the options to make money from money are exhausted.
There are many bank deposits and government schemes for fixed and guaranteed income for senior citizens. One of these is the Senior Citizen Term Deposit Scheme of State Bank of India (SBI). If you have recently retired and you have got a good amount of funds, then investing in SBI’s Senior Citizen FD scheme is a better option from a long-term perspective.
SBI FD Rates 2023: How much benefit for senior citizens
According to the information available on SBI’s website, senior citizens can deposit in SBI’s FD scheme for maturity ranging from 7 days to 10 years. Generally, senior citizens get half a percent (0.50%) more interest on fixed deposits than regular customers. Whereas, senior citizens get 1% more interest on FDs of 5 years to 10 years.
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