SBI Patrons: Special FD scheme for super senior citizens explained. Check interest, eligibility, types & more.
Super senior citizens can benefit from fixed deposits with higher interest rates. SBI offers the Patrons scheme for those aged 80 and over, featuring a minimum deposit of ₹1,000 and a maximum of ₹3 crore, with deposit periods ranging from 7 days to 10 years.
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 isthe 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.
Eligibility for SBI Patrons
- This scheme can be availed by all individuals, including SBI staff attaining the age of 80 years and above.
- Both single and joint accounts can apply for this scheme.
- For a joint account, the primary account holder should be at the age of 80 years and above.
- Existing term deposit customers, including SBI staff, can also avail of benefits under the system on attaining 80 years of age from the launch date.
- The date of birth will be determined by the bank's core banking system (CBS) system. The accountholders will not be required to provide any additional details to receive benefits under the scheme.
- The scheme can be availed by only retail depositors for deposits less than ₹3 crore.
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.
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