Fixed deposits (FDs) are a secure and stable investment for anyone, particularly for senior citizens. Senior citizens above the age of 60 can deposit in the State Bank of India (SBI) and earn higher rates of interest. This article informs you of all that you need to know about the SBI Senior Citizen FD rates, including the eligibility criteria for the same, what it entails, how to easily open the same, as well as the features and the advantages.
Includes life cover
Completely Tax free+
7.1%*
Guaranteed Plan
(by insurance companies)
(10 Years)
6.5%**
Fixed Deposits
(by SBI bank)
(5-10 Years)
7.1%***
Public Provident Fund
(other popular options)
(15 Years)
| BANKS | GENERAL CITIZENS | SENIOR CITIZEN |
| SBI Bank FD Rates | 3.50% - 6.50% | 4.00% - 7.50% |
| ICICI Bank FD Rates | 3.00% - 6.90% | 3.50% - 7.40% |
| HDFC Bank FD Rates | 3.00% - 7.00% | 3.50% - 7.50% |
| PNB FD Rates | 3.50% - 6.50% | 4.00% - 7.30% |
| Axis Bank FD Rates | 3.00% - 7.00% | 3.50% - 7.75% |
| Yes Bank FD Rates | 3.25% - 7.75% | 3.75% - 8.25% |
| Kotak Mahindra FD Rates | 2.75% - 6.20% | 3.25% - 6.70% |
| Bandhan Bank FD Rates | 3.00% - 5.85% | 3.75% - 6.60% |
| Union Bank of India FD Rates | 3.50% - 6.50% | 4.00% - 7.00% |
| Indusind Bank FD Rates | 3.50% - 7.25% | 4.00% - 8.25% |
| Canara Bank FD Rates | 4.00% - 6.70% | 4.00% - 7.20% |
| Bank of Baroda FD Rates | 4.25% - 6.50% | 4.75% - 7.50% |
| IDFC Bank FD Rates | 3.00% - 6.50% | 3.50% - 7.00% |
| Indian Bank FD Rates | 2.80% - 6.10% | 2.80% - 6.85% |
| DBS Bank FD Rates | 2.50% - 6.50% | 2.50% - 7.00% |
| UCO Bank FD Rates | 2.90% - 6.10% | 3.15% - 6.60% |
| Bank of India FD Rates | 3.00% - 6.00% | 3.00% - 6.75% |
| IDBI Bank FD Rates | 3.00% - 6.25% | 3.50% - 6.75% |
| Central Bank of India FD Rates | 3.50% - 6.75% | 4.00% - 7.25% |
The SBI senior citizen FD rates give an extra 0.50% per year on top of the regular FD rates. This makes them one of the best choices for people aged 60 and up. With this extra interest, you can be sure that your savings will earn you more money while still being safe.
Tenure: 7 days to 10 years
Interest rates: For seniors, they range from 4.00% to 7.75% per year.
Deposit as little as ₹1,000
Max. Deposit: There is no maximum.
Special plans: The Wecare and Amrit Vrishti plans offer extra perks of additional interest over standard senior rates.
Here’s a breakdown of the SBI senior citizen FD interest rate based on different deposit tenures:
| Tenure | FD Senior Citizen Interest Rate SBI |
| 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 | 7.20% |
| 2 years to less than 3 years | 7.40% |
| 3 years to less than 5 years | 7.25% |
| 5 years and up to 10 years | 7.50% |
| 400 days (Amrit Kalash) | 7.60% |
| 444 days (Amrit Vrishti) | 7.75% |
Note: These FD senior citizen interest rate SBI values apply to deposits below ₹3 crore. Rates are subject to revision.
SBI's We-Care plan is only for senior citizens and is for people who want to save money for a long time. It gives an extra 0.50% on top of the regular senior citizen bonus rate, for a total increase of 1.00% over the standard rate for deposits made 5 years or more.
A one-of-a-kind 444-day fixed deposit plan that gives seniors 7.75% interest, which is more than most normal choices. This plan is perfect for people who want to make the most money in the short to long term.
Higher Returns: With higher interest rates, you can make more money.
Support from the government: SBI is India's biggest public sector bank, which builds trust and safety.
Flexible Terms: You can pick terms from short to long-term to fit your needs.
Loan Facility: Do you need money? You can get loans against your FD without putting it at risk.
Options for Saving on Taxes: You can get tax-saving fixed deposits under Section 80c, but you have to keep them for 5 years.
Step 1: Access SBI Internet Banking or the YONO App to proceed.
Step 2: Navigate to the section for Fixed Deposits in the system.
Step 3: your intended scheme and term length.
Step 4: the deposit amount with all necessary nominee data before final confirmation.
Step 1: You must visit a nearby SBI branch outlet.
Step 2: must file your application for the FD using the official form at the SBI branch facilities.
Step 3: Provide KYC documents (PAN, Aadhaar, proof of age)
Step 4: can make their deposit payment through either cash or cheque transactions.
Age: Must be 60 years or older.
Resident Status: Applicable only to resident Indians.
KYC Documents: Valid PAN, Aadhaar, and age proof required.
As the State Bank of India offers high SBI senior citizen FD rates compared to regular SBI fd rates, it remains a top pick for secure, high-return investments. Whether you need a regular income or you desire to save for the future, SBI FD senior citizen options provide the highest safety, liberty, and constant returns. They will enable better retirement planning and ensure that you enjoy financial peace in your retirement period.
The best yield on an SBI senior citizen FD interest rate is 7.75 per cent for 444 days under the Amrit Vrishti plan.
Taxes apply to your FD interest income through "Income from Other Sources." Through Section 80ttb of the tax law, senior citizens can claim a deduction of up to ₹50,000 for each financial year.
Yes, FD booking under SBI Internet Banking and YONO app allows you to No paperwork necessary to create a quick online FD. The SBI senior citizen FD rates program serves senior citizens who fulfil its eligibility requirements.
*All savings are provided by the insurer as per the IRDAI approved
insurance plan. Standard T&C Apply
+ Trad plans with a premium above 5 lakhs would be taxed as per
applicable tax slabs post 31st march 2023
#Discount offered by insurance company
++Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
˜Top 5 plans based on annualized premium, for bookings made in the first 6 months of FY 24-25. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
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