SBI Patrons FD Scheme For Super Senior Citizens: What will be maturity amount on 10 lakh investment for 5 years

Super senior citizens i.e. resident individuals attaining the age of 80 years or more can now benefit from fixed deposits with higher interest rates. State Bank of India has recently launched a new variant of Term Deposit “SBI Patrons” for Super Senior Citizens. Under ‘SBI Patrons’ scheme, super senior citizens will be offered higher interest rates. 

Anamika Singh | Jan 28, 2025, 02:49 PM IST

State Bank of India has introduced a new fixed deposit scheme called SBI Patrons for super senior citizens. Under "SBI Patrons FD scheme", super senior citizens can receive a higher interest rate than senior citizens on fixed deposit investments. Resident individuals aged 80 years and above qualify as super senior citizens under Section 194P of the Income Tax Act, 1961. Let’s find out how much you will get on investment of 10 lakh investment for 5 years.

Photos source: Pixabay/Pexels/Representational

(Disclaimer: Our calculations are projections and not investment advice. Do your due diligence or consult an expert for financial planning)

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What is SBI Patrons FD Scheme?

What is SBI Patrons FD Scheme?

SBI Patrons FD Scheme is a fixed deposit for super senior citizens, aged 80 years or more. Under this scheme, the super senior citizens will get higher interest than senior citizens in fixed deposit investments. 

 

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Who is super senior citizen?

Who is super senior citizen?

As per section 194P of Income Tax Act 1961, resident individuals attaining the age of 80 years or more are considered as Super Senior Citizens.  

 

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What is the purpose of SBI Patrons FD Scheme for super senior citizens?

What is the purpose of SBI Patrons FD Scheme for super senior citizens?

The purpose of SBI Patrons FD Scheme is to financially support Super Senior Citizens by providing them additional benefits in terms of rate of interest.

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Eligibility criteria for SBI Patrons FD Scheme

Eligibility criteria for SBI Patrons FD Scheme

All individuals (including SBI Staff) attaining the age of 80 years and above, singly/ jointly.
In the case of a joint account, the primary account holder should attain the age of 80 years and above.

 

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What is minimum deposit amount in SBI Patrons FD?

What is minimum deposit amount in SBI Patrons FD?

The minimum deposit amount is Rs 1,000.

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What is maximum deposit amount in SBI Patrons FD?

What is maximum deposit amount in SBI Patrons FD?

The maximum deposit amount is less than Rs 3 crore.

 

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What is period of deposit in SBI Patrons FD Scheme?

What is period of deposit in SBI Patrons FD Scheme?

7 days to 10 years

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SBI Patrons: Type of deposit

SBI Patrons: Type of deposit

This scheme is available in two types: TDR/ STDR (Callable only). 

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What is TDR?

What is TDR?

TDR stands for Term Deposit Receipt in State Bank of India, which is a type of fixed deposit that allows customers to earn a fixed return on their investments. Interest is paid monthly, quarterly, or at maturity.

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What is STDR?

What is STDR?

STDR stands for Special Term Deposit in the State Bank of India (SBI). It is a type of term deposit account that pays interest at the end of the deposit term. The principal and interest are paid on maturity. 

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SBI Patron interest rates

SBI Patron interest rates

‘SBI Patrons’ scheme, offers super senior citizens an interest rate of 10 bps above the card rates applicable for senior citizens.

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What will be interest rate on 5 years SBI Patrons FD?

What will be interest rate on 5 years SBI Patrons FD?

The interest rate will be 7.60 per cent for super senior citizens.

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SBI Patrons FD: What will be maturity amount on 10 lakh investment in 5 years?

SBI Patrons FD: What will be maturity amount on 10 lakh investment in 5 years?

The estimated maturity amount will be Rs 14,57,081 in SBI Patrons fixed deposit for senior citizens. The estimated return will be Rs 4,57,081.

 

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SBI Patrons FD: what will be your monthly interest

SBI Patrons FD: what will be your monthly interest

Your monthly interest will be Rs 6,333. 

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