The SBI Senior Citizen Fixed Deposit Scheme is tailored for individuals aged 60 and above, offering a reliable way to generate monthly income. By investing a lump sum amount, senior citizens can earn monthly interest payouts ranging from ₹10,000 to ₹50,000, depending on the principal amount and prevailing interest rates.
The bank calculates monthly interest based on the investment amount and the interest rate applicable at the time of deposit. This ensures a steady cash flow—especially beneficial for those who depend on fixed income during retirement.
One of the most attractive features of this scheme is the additional 0.50% interest rate exclusively for senior citizens. For instance, if the standard FD rate is 7%, senior citizens receive 7.5%, offering better returns than regular depositors.
This extra yield, coupled with SBI’s credibility, makes it a preferred choice for risk-averse retirees.
Who Can Apply and How?Eligibility Criteria:
-
Indian citizens aged 60 years or above
-
Existing SBI savings or current account holders
-
Minimum deposit: ₹10,000
How to Apply:
-
Visit your nearest SBI branch
-
Apply through SBI Net Banking or YONO mobile app
-
Required documents: PAN Card, Aadhaar Card, Age Proof
-
Safe and Secure Investment backed by India’s largest public sector bank
-
Monthly interest payouts ensure consistent income
-
Additional 0.50% interest for senior citizens
-
Tax benefits under Section 80C of the Income Tax Act
This scheme is ideal for those looking to make their retirement financially independent and stress-free.
