SBI Patrons: Special FD scheme for super senior citizens explained. Check interest, eligibility, types & more | Mint

Fixed deposits (FDs) for super senior citizens are designed to provide steady income at a higher interest rate compared to regular FDs. Several banks provide various FD schemes for super senior citizens at varied interest rates. India’s biggest lender, State Bank of India, offers the SBI Patrons scheme for super senior citizens.

Who is a super senior citizen?

A super senior citizen is an individual who is 80 years old or more at any time during the previous year, according to section 194P of the Income Tax Act, 1961.

What is SBI Patrons scheme?

SBI launched its term deposit scheme “SBI Patrons” for citizens attaining the age of 80 years or more. Under the scheme, super senior citizens will be offered an interest rate of 10 bps above the regular interest rates applicable to senior citizens.

SBI Patron interest rates

The interest rate ranges between 4.10% and 7.60% for super senior citizens. The SBI Patron scheme offers a one-year interest rate of 7.4% and a two-year interest rate of 7.6% on fixed deposits.

SBI Patrons : Type of deposit

This scheme is available in two types: term deposit receipts and callable deposits under special term deposits.

SBI Patrons : Minimum and maximum amount

The minimum amount to apply for this scheme is ₹1,000, while the maximum amount is ₹3 crore.

SBI Patrons : Deposit period

The deposit period under this scheme is from 7 days to 10 years. A penalty will be charged upon premature withdrawal of the deposit applicable for normal-term deposits.