SBI Patrons: Term Deposit Scheme for Super Senior Citizens: State Bank of India or SBI has launched a term deposit scheme for super senior citizens. Whose name is SBI Patrons. Investors can avail more interest by investing money in this scheme started by SBI to give special honor to super senior citizens. What is SBI Patrons? How much more interest will be given on investment in the scheme compared to senior citizen deposits, who can open an account, what is the investment limit, every important detail can be checked here.
What is SBI Patrons?
SBI has also launched a term deposit scheme named ‘SBI Patrons’ which is exclusively for people above 80 years of age.Under SBI Patrons Term Deposit Scheme, investors above 80 years of age will get 10 basis points i.e. 0.01 percent more interest on FD as compared to Senior Citizens FD. This scheme is available to both existing and new term deposit customers of the Bank. Let us tell you that under Section 194P of Income Tax, elderly people above 80 years of age are considered as super senior citizens.
Also read: FD Rates: In the new year, senior citizens are getting up to 9.5 percent interest on FD, check the list of 40 banks before investing money.
What is the maximum amount you can invest?
Under SBI Patron’s Term Deposit, senior citizens can invest a minimum of Rs 1000 and a maximum of Rs 3 crore. They can lock their savings for a period ranging from 7 days to 10 years. The facility to operate the account opened under SBI Patrons Term Deposit is available in both single or joint modes.
Is premature withdrawal possible?
This is a TDR (Time Deposit Receipt) and STDR (Special Time Deposit Receipt) deposit which is coming with callable option only. That is, to meet their financial needs, investors can withdraw their money before the maturity of the scheme, although the bank can also impose some penalty for this.
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Who can apply
Everyone above 80 years of age can invest in this FD scheme. The additional interest rate benefit available on FD under Scheme Tax is applicable on investments of less than Rs 3 crore.
