The country's largest public sector 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 the State Bank of India (SBI) is for senior citizens aged 80 years and above, which has been named SBI Patrons 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 Rupe Investment Services, a 10 basis point increase in the interest rate is a welcome step, but its impact is relatively minor. This means that interest rates for super senior citizens will range 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 you can invest in this scheme 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 the SBI V-Care Deposit Scheme, which offers a 7.6 percent interest rate on a one-year FD and a 7.9 percent interest rate on a two-year FD. Its return is higher than the 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 SBI Patrons Scheme.

Other banks also offer good returns.

According to Lt Col Rochak Bakshi (retired), founder of Pune-based financial and investment planning firm True North Finance, some banks such as Bank of Baroda and HDFC Bank also offer higher interest rates of 7.5 percent for a five-year term for super senior citizens, while Kotak Mahindra Bank offers 7.6 per cent. In comparison, SBI offers a relatively lower interest rate of 7.35 per cent for a five-year term.

Disclaimer: This content has been sourced and edited from News 18 hindi. While we have made modifications for clarity and presentation, the original content belongs to its respective authors and website. We do not claim ownership of the content.