SBI has launched a new FD scheme. A minimum investment of Rs 1000 can be made through this scheme. The bank is saying that the money can be invested for a period of 7 days to 10 years. Let’s find out who can invest money in this scheme.
After Amrit Kalash Yojana, the country’s largest government bank SBI has now launched another special FD. The bank has said that its aim is to strengthen financial security and stability. This FD scheme of State Bank of India is for senior citizens aged 80 years and above, which has been named SBI Patrons Fixed Deposit Scheme.
Under the SBI Patrons Fixed Deposit Scheme, super senior citizens get an additional 10 basis points (0.10 percent) interest rate over the current senior citizen rate. The interest rate for super senior citizens will range from 4.10 percent to 7.60 percent. You can invest a minimum amount of Rs 1,000 in this scheme. While the maximum limit is up to Rs 3 crore. This can be done in the name of a single owner or both. If the account is a joint account, the first owner must be 80 years of age.
The deposit tenure ranges from 7 days to 10 years. This means that you can invest in this scheme with a minimum amount and for a minimum period. The schemes include the SBI V-Care Deposit Scheme, which offers an interest rate of 7.6 per cent on one-year FD and 7.9 per cent on two-year FD. Its returns are higher than the SBI Patrons FD scheme. Apart from this, SBI’s special short-term FD schemes such as the 444-day Amrit Vrishti (7.75 per cent interest rate) and the 400-day Amrit Kalash (7.60 per cent interest rate), also offer higher interest rates than the SBI Patrons scheme.
Other banks also offer good returns, according to Lt Col Rochak Bakshi (retd), founder of True North Finance, a Pune-based financial and investment planning firm, while some banks like Bank of Baroda and HDFC Bank also offer 7.5% for a tenure of five years. For super senior citizens, Kotak Mahindra Bank offers a higher interest rate of 7.6 per cent, while Kotak Mahindra Bank offers 7.6 per cent. In comparison, SBI offers a relatively lower interest rate of 7.35 per cent for a tenure of five years.
