SBI customers alert! You can earn more on fixed deposits under Senior Citizen Special FD Scheme; check key benefits at sbi.co.in

SBI Senior Citizen Special FD Scheme: The State Bank of India (SBI) has extended the special FD scheme for senior citizens from 31st December 2020 to 31st March 2021. So, if a senior citizen is planning to open a new FD account, here is an opportunity to earn 0.80 per cent more than a normal SBI FD investor. According to the SBI's official website — sbi.co.in, a senior citizen will get 50 bps more than a normal FD investor while under Senior Citizen Special FD Scheme, the FD account holder will get an additional 30 bps FD interest rate.

SBI Special FD Scheme

SBI is giving 5.4 per cent annual return to normal fixed deposits for five year tenure. For senior citizens, it gives 50 bps additional return to the senior citizens FD account. However, for the SBI Senior Citizen Special FD account there is an additional 30 bps interest rate given. Hence, if a senior citizen opens an SBI Senior Citizen Special FD account then it would get an additional 0.80 per cent more return on one's money mean annual return on one's FD will be 6.20 per cent (5.40 + 0.50 + 0.30).

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Features of SBI Senior Citizen Special FD Scheme

1] The SBI FD account shall be opened with a minimum deposit of Rs 1,000 or any sum in multiple of Rs 1,000 not exceeding Rs 15 lakhs.

2] The depositor may extend the account for a further period of three years after the maturity period of five years.

3] The deposit made under these rules shall bear interest as directed by Govt of India from time to time quarterly.

4] If the interest payable every quarter is not claimed by an account holder, such interest shall not earn additional interest.

5] The whole amount of deposit in a joint account shall be attributable to the first account holder only.

6] Both the spouses can open single accounts and joint accounts with each other.

7] The depositor may nominate a person or more than one person.

8] Nomination made by the depositor can be cancelled or varied.

9] The deposit made at the time of opening of the account shall be paid on or after the expiry of five years or after the expiry of eight years

10] where the account was extended from the date of the opening of the account.

11] Multiple withdrawals from an account shall not be permitted.