SBI Scheme for Senior Citizens: State Bank of India, the country’s largest public sector bank, has about 23% share in the deposit market. SBI has recently introduced two new deposit schemes.
SBI Patron Fixed Deposit: Named ‘Har Ghar Lakshmi’, ‘SBI Patron’ these schemes aim to provide more flexibility and better benefits to customers.
SBI Patron Interest Rate: ‘SBI Patron’ scheme is for very senior citizens. This means that it is a special deposit scheme for Indian citizens aged 80 years and above. Senior citizens can avail higher interest rates compared to existing fixed deposit schemes.
SBI Patron Benefits: Under the SBI Patron Scheme, senior citizens get 10 basis points (bps) additional interest over the fixed deposit rate available for senior citizens. Early withdrawal is allowed. However, normal terms and conditions apply.
SBI Patron Eligibility: All Indians aged 80 years or above can open an account. SBI employees are also eligible to join this scheme. In case of joint account, the primary account holder must be 80 years of age or above.
sbi patron benefits
Existing term deposit customers will also benefit from this scheme. This benefit is only for retail depositors. That means Rs 3 crore. Only an amount less than Rs can be deposited in this scheme. At least Rs 1,000. Must be deposited.
New FD scheme for senior citizens
The maturity period of this scheme is 10 years. Early termination is also possible after at least 7 days of account opening.
