Image Source : PIXABAY As the name suggests, the scheme is for super senior citizens.
SBI Patrons FD scheme: State Bank of India (SBI) offers several fixed deposit schemes but the one that is the focus these days is the newly launched ‘SBI Patrons’. As the name suggests, the scheme is for super senior citizens and aims to recognise the patronage of elderly customers and provide them with additional benefits.
SBI Patrons FD scheme: Eligibility
This scheme is for super senior citizens i.e. individuals who are age 80 years or more. The is available for both single and joint accounts, provided the primary account holder is at least 80 years old.
SBI Patrons FD scheme: Interest Rate
The interest rate under the SBI Patrons scheme is 10 basis points (bps) higher than the other FD schemes for senior citizens. As 100 bps is equal to 1 per cent. The highest interest rate under this scheme is 7.60 per cent for a tenure of 2-3 years.
SBI Patrons FD scheme: Minimum and maximum deposit amount
The minimum deposit allowed under the scheme is Rs 1,000 and the maximum limit is less than Rs 3 crore.
SBI Patrons FD scheme: Tenure
The scheme allows super senior citizens to deposit their money from 7 days to 10 years. There is an option of premature withdrawal. However, it will be subjected to the usual penalties for term deposits.
SBI Patrons FD scheme: Maturity amount after 2 years on investment of Rs 10 lakh
If a super senior citizen deposits Rs 10 lakh under this scheme, he or she can get an estimated amount of Rs 11,62,501 after 2 years. So, the estimated return will be Rs 1,62,501. It should be noted that this is only indicative and has been provided for general planning. The actual maturity value may vary.
Benefits of fixed deposits
Fixed deposits or FDs offer guaranteed returns and therefore investors know exactly how much they will get on the maturity. SBI, the country’s largest lender, has launched the Amrit Vrishti Scheme for senior citizens. Under this scheme, the bank offers an interest rate of 7.75 per cent for a tenure of 444 days.
