SBI Senior Citizen FD Rates

The Senior Citizen Saving Scheme is a fixed deposit scheme offered by State Bank of India to its 60 years and above customers. Under this Senior Citizen Fixed Deposit Scheme, the customer can deposit a minimum of Rs.1,000 for a period of 5 years.

SBI Senior Citizen Fixed Deposit Scheme Features

Various features of the SBI Senior Citizen Fixed Deposit Scheme are mentioned below:

Account type Single or jointly
Deposit Minimum: Rs.1,000
Tenure

Minimum: 5 years

Maximum: 8 years

Nomination facility Available
Auto-renewal facility Available
Premature closure of account Available with penalty
Multiple withdrawals Not available

SBI Senior Citizen Fixed Deposit Scheme Interest Rates

The interest rate for SBI Senior Citizen Fixed Deposit Scheme is 7.40% per annum, effective from 1 April 2020.

SBI Senior Citizen Fixed Deposit Scheme Eligibility Criteria

The eligibility criteria for SBI Senior Citizen Fixed Deposit Scheme is mentioned below:

  • Indian citizens above the age of 60 years
  • Hindu Undivided Family (HUF)
  • NRIs
  • Defense service retired personal above the age of 50 years

FAQs on SBI Senior Citizen FD Rates

  1. What is the minimum deposit amount for an account opened under the SBI Senior Citizen Fixed Deposit Scheme?

    The minimum deposit amount for an account opened under the SBI Senior Citizen Fixed Deposit Scheme is Rs.1,000.

  2. Is nomination facility available under the SBI Senior Citizen Fixed Deposit Scheme?

    Yes, nomination facility is available under the SBI Senior Citizen Fixed Deposit Scheme.

  3. Can I withdraw money multiple times from my account under the SBI Senior Citizen Fixed Deposit Scheme?

    No, multiple withdrawals facility is not allowed under the SBI Senior Citizen Fixed Deposit Scheme.

  4. Is premature closure of account possible under the SBI Senior Citizen Fixed Deposit Scheme?

    Yes, premature closure of account is possible under the SBI Senior Citizen Fixed Deposit Scheme. However, a penalty will be given upon premature closure.

  5. Can I extend the maturity period of my account under the SBI Senior Citizen Fixed Deposit Scheme?

    Yes, you can extend the maturity period of your account by 3 years under the SBI Senior Citizen Fixed Deposit Scheme.

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