Many investors prefer fixed deposits due to their timely and guaranteed returns. It is a safe investment option for risk-averse individuals and also a good hedge option during inflation. SBI FD is rated FAAA by CRISIL, making it one of the most stable and reliable fixed deposits. SBI offers higher interest rates on FDs for senior citizens. Keep reading to know more about SBI Fixed Deposit interest rates 2024 for senior citizens and other details regarding the same.
SBI Senior Citizen FD Rates 2024
Refer to the following table for the latest SBI FD interest rates 2024 for senior citizens for deposits below ₹2 crores.
| FD Tenure | Interest Rates |
|---|---|
| 7 days to 45 days | 3.50% |
| 46 days to 179 days | 5.00% |
| 180 days to 210 days | 5.75% |
| 211 days to less than 1 year | 6.25% |
| 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 | 7.00% |
| 5 years and up to 10 years | 7.50% |
| 400 days (Special Scheme, i.e. “Amrit Kalash”) | 7.60% |
The following are the Interest Rates on Domestic Bulk Term Deposits amounting to ₹2 crores or above.
| FD Tenure | Interest Rates |
|---|---|
| 7 days to 45 days | 5.25% |
| 46 days to 179 days | 6.00% |
| 180 days to 210 days | 6.50% |
| 211 days to less than 1 year | 6.75% |
| 1 Year to less than 2 years | 7.25% |
| 2 years to less than 3 years | 7.00% |
| 3 years to less than 5 years | 6.50% |
| 5 years and up to 10 years | 6.50% |
Here are the Interest Rates on Sarvottam (Non-Callable) Domestic Retail Term Deposits amounting to more than ₹15 Lakhs to less than ₹2 Crores
| FD Tenure | Interest Rates |
|---|---|
| 1 year | 7.60% |
| 2 year | 7.90% |
The Interest Rates on Sarvottam (Non-Callable) Domestic Bulk Term Deposits amounting to more than ₹2 Crores are listed below.
| FD Tenure | Interest Rates |
|---|---|
| 1 year | 7.55% |
| 2 year | 7.40% |
Features & Benefits of SBI Senior Citizen FD Rates
Here are the exclusive features and benefits of the fixed deposit schemes with varying SBI senior citizen FD rates.
- SBI Fixed Deposits offer attractive rates of 6.20% for senior citizens, comparable to market competitors.
- SBI provides automatic renewal of FD and extends the tenure of the deposit to the same period as the initial deposit.
- With a minimum deposit requirement of ₹1,000 for most FD schemes, SBI makes investing accessible to the majority.
- SBI FD holders can avail of loans up to 90% of the FD value, offering convenient access to capital. Interest rates on these loans range from 5.5% to 7.1%, providing financial flexibility.
How to Book Senior Citizen FD from SBI?
You can open an SBI senior citizen FD both online and offline. Here are the procedures for all:
Online
In online mode, you can book an FD through internet banking or by downloading the SBI Mobile app “YONO”.
1. Internet Banking
- Step 1: Log in to your SBI net banking account with credentials.
- Step 2: Find “Term Deposit” under the “Deposit Scheme” tab.
- Step 3: Select an FD type and click “Proceed.”
- Step 4: Enter all details and choose preferred maturity and nominee options.
- Step 5: Accept “Terms and Conditions” and click on ‘Submit’.
2. Mobile Banking
- Step 1: Download and install the SBI YONO app and log in to your account.
- Step 2: Choose the “Term Deposit” or “Fixed Deposit” option.
- Step 3: Provide all details and your preferred options for maturity and nomination.
- Step 4: Accept the “Terms and Conditions” and click on “Submit.”
Offline
- Step 1: Visit the nearest SBI branch.
- Step 2: Submit the duly filled application form along with the necessary documents.
- Step 3: Once your documents are verified, and your application is processed successfully, your senior citizen FD will be opened.
Documents Required for SBI Senior Citizen FD
You will need the following documents to avail the attractive SBI senior citizen fixed deposit rates.
- FD Account opening form
- Four passport-size photographs
- Identity Proof (PAN card/ Aadhaar Card/ Voter card/ Passport/ Driving license)
- Address Proof (PAN card/ Aadhaar Card/ Voter card/ Passport/ Driving license)
- Proof of age
- Pan Card or Declaration in Form No. 60 or 61 of the Income Tax Act
- Additional documents (Depending on the type of account holder, i.e., Corporate, Proprietor, Society, HUF, Association or Institution, additional specific documents may be required).
Eligibility to Open Senior Citizen FD
Recognising as either of the following entities will make you eligible to open senior citizen FD with SBI:
- Applicant Type: Resident Individuals, Public and Private Limited Companies, Partnership Firms, Trusts, HUFs, Societies, NRIs and PIOs (Non-Resident Indians and Persons of Indian Origin).
- Age (for individual applicants): 60 years and above
Conclusion
SBI Fixed Deposit interest rates 2024 for senior citizens start from 3.50% p.a. and can be as high as 7.86% p.a. The term of FD ranges between 7 days and 10 years. There is no cap on the upper limit of the deposit amount.
