The State Bank of India (SBI) offers a higher interest rate forFixed Deposits (FDs) for senior citizens. Senior citizens are persons aged 60 years and above. TheSBI FD interest rates for senior citizens are 50 Basis Points (bps) higher than the SBI FD interest rates offered to other depositors.
SBI Senior Citizen Fixed Deposit Scheme Features & Benefits
The features and benefits of the SBI senior citizen FD scheme are as follows:
| Features | Particulars |
| Account type | Single or joint |
| Deposit | Minimum of Rs.1,000 |
| Tenure | Minimum: 7 days Maximum: 10 years |
| Auto-renewal facility | Available |
| Nomination facility | Available |
| Premature account closure | Available with penalty |
| Multiple withdrawals | Not available |
Fixed Deposit Interest Rates for Senior Citizens in SBI
The SBI increased the SBI senior citizen FD schemeinterest rates, effective from 15 June 2024.
Following are the FD interest rates offered by the SBI to senior citizens (applicable for FDs below Rs.3 crore):
| Tenure | Rate of Interest (p.a.) |
| 7 days to 45 days | 4.00% |
| 46 days to 179 days | 6.00% |
| 180 days to 210 days | 6.75% |
| 211 days to less than 1 year | 7.00% |
| 1 year to less than 2 years | 7.30% |
| 2 years to less than 3 years | 7.50% |
| 3 years to less than 5 years | 7.25% |
| 5 years and up to 10 years | 7.50% |
Following are the FD interest rates offered by the SBI to senior citizens (applicable for FDs above Rs.3 crore):
| Tenure | Rate of Interest (p.a.) |
| 7 days to 45 days | 5.75% |
| 46 days to 179 days | 6.75% |
| 180 days to 210 days | 7.10% |
| 211 days to less than 1 year | 7.25% |
| 1 year to less than 2 years | 7.50% |
| 2 years to less than 3 years | 7.50% |
| 3 years to less than 5 years | 7.00% |
| 5 years and up to 10 years | 6.75% |
SBI Senior Citizen Fixed Deposit Scheme Eligibility Criteria
The following persons are eligible to open an SBI senior citizen FD:
- Indian citizens above the 60 years
- Non-Resident Indians (NRIs) above 60 years
- Defence service retired personnel above 50 years
SBI Fixed Deposit Plans for Senior Citizen
Fixed Deposit
- Lump sum amount can be deposited
- Flexible interest payout option
- Guaranteed returns
- Premature withdrawal
- Available at all SBI branches
- Higher interest rate than general public
Annuity Deposit Scheme
- Lump sum amount can be deposited in one go and receive the same in Equated Monthly Installments (EMIs)
- Interest is compounded in quarterly intervals and discounted to the monthly value
- Deposit period can be 36, 60, 84, and 120 months
- Deposit must be made such that the minimum monthly annuity is Rs.1,000 for the chosen tenure
- Premature payment is allowed for deposits up to Rs.15,00,000
- Available at all SBI branches
- In special cases, overdraft/loan facility is available up to 75% of the annuity balance amount
- Nomination is available only in favour of individuals
SBI WECARE Deposit Scheme
- Senior citizens get an additional premium of 30 bps above the additional 50 bps
- Available only for a limited period till 30 September 2024
- Minimum tenure is 5 years, and the maximum tenure is 10 years
- Interest payment at monthly or quarterly intervals for term deposits
- Loan facility available against the deposits
- Available at any branch or on YONO app
SBI ‘Sarvottam’ (Non-Callable) Term Deposit
- Higher interest rate without a pre-mature withdrawal facility
- Minimum deposit amount is Rs.1 crore for retail and Rs.2 crore for bulk
- Maximum deposit amount is less than Rs.2 crore for retail and there is no maximum limit for bulk
- Tenure ranges from a year to 2 years
- Senior citizens above the age of 60 years and SBI staff are bound to receive additional interest rates
- Only a demand loan against the deposit is allowed with an applicable margin
- Renewal of deposits are not allowed
SBI Special Term Deposit
- Interest is paid only at the time of maturity and not at the regular frequency of the deposit period
- Regular interest is added to the principal
- Minimum tenure is 6 months, and the maximum tenure is 10 years
- Minimum sum for the deposit is Rs.1,000
- No limit on the maximum amount
- Available at all SBI branches
- Interest on the deposit is compounded quarterly and paid at the end of the term
- Nomination available only in favour of individuals
- Loan facility is available against deposits with applicable margins
SBI FD Historic Interest Rates - Past 10 Years
*Note: The rates mentioned here are the highest offered in that year, irrespective of investment period. However, most of these rates are for the 2-3 year investment horizon.
| YEAR | INTEREST RATE (% p.a.) |
| 2012 | 9.00 |
| 2013 | 9.50 |
| 2014 | 9.00 |
| 2015 | 8.00 |
| 2016 | 7.50 |
| 2017 | 6.75 |
| 2018 | 7.35 |
| 2019 | 6.75 |
| 2020 | 5.90 |
| 2021 | 5.90 |
| 2022 | 7.25 |
Related Articles
SBI FD Interest Rates 2024
SBI FD Calculator
SBI Annuity Deposit Scheme
Highest FD Interest Rates In 2024
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Frequently Asked Questions
What is the minimum deposit amount to open an account under the SBI senior citizen fixed deposit scheme?
The minimum deposit amount to open an SBI senior citizen fixed deposit scheme is Rs.1,000.
Which bank offers a high FD interest rate for senior citizens in 2022?
he Central Bank of India offers senior citizens a 7.85% interest rate on FDs on special callable deposits of 444 days. On non-callable deposits of 444 days, it gives senior citizens an 8.1% interest rate.
The Bank of India offers 8.85% interest on deposits of 8 years up to to 10 years under BoI’s cumulative deposit schemes for senior citizens. It also gives 8.02% interest for senior citizens on deposits of 3 years to less than 5 years.
Which FD scheme is best for senior citizens?
Any FD that offers a high-interest rate for a short tenure is the best for senior citizens. The SBI provides a 7.50% interest rate for a tenure of 2 years to less than 3 years.
Which FD is best in SBI for senior citizens?
An FD with a tenure of 2 years to less than 3 years and 5 years and up to 10 years is the best FD for senior citizens since it offers an interest rate of 7.50%.
Is premature closure of accounts under the SBI senior citizen FD scheme possible?
Yes. The SBI allows a premature account closure under the SBI senior citizen FD scheme. However, it will impose a penalty for premature closure.
Is a nomination facility available under the SBI senior citizen FD scheme?
Yes. The nomination facility is available under the SBI senior citizen FD scheme.
