SBI Senior Old Age FD Plan : Are you a senior citizen looking for a safe and reliable way to grow your savings? The State Bank of India (SBI) offers a special Fixed Deposit (FD) scheme tailored for elderly investors, allowing them to earn attractive returns. With this plan, a senior citizen can earn up to ₹44,000 in interest on just a ₹1 lakh deposit over a specified tenure. Here’s everything you need to know.
For most Indian families, Fixed Deposits are a go-to investment option due to their safety and predictable returns. SBI, the largest public sector bank in India, has introduced a special FD plan exclusively for senior citizens that offers higher interest rates compared to standard FDs. This scheme is particularly beneficial for retirees looking for a steady income stream without market risks.
Let’s take a deep dive into the SBI Senior Citizen FD Plan – features, interest rates, benefits, eligibility, and everything in between.
What is the SBI Senior Citizen FD Plan?
SBI Senior Citizen FD is a specially designed deposit scheme for individuals aged 60 years and above. The bank offers an additional interest rate benefit over regular fixed deposit rates.
Key Features:
- Only available for Indian residents aged 60 and above
- Higher interest rate than regular FDs (additional 0.50% p.a.)
- Option to choose various tenures, ranging from 7 days to 10 years
- Minimum deposit: ₹1,000; No upper limit
- Interest can be paid monthly, quarterly, or at maturity
- TDS applicable as per income tax laws
SBI WeCare Deposit Scheme
Apart from the standard Senior Citizen FD, SBI also offers the “SBI WeCare” deposit scheme, launched to provide additional benefits to senior citizens during uncertain economic conditions.
Features of SBI WeCare:
- Additional 0.30% interest over the existing 0.50% senior citizen benefit (Total: 0.80% higher than normal FDs)
- Applicable for deposits with a tenure of 5 years and above
- Valid till further notice from the bank
See More : SBI Fixed Deposit
Interest Rates for Senior Citizens in 2025
As of April 2025, here are the latest SBI FD interest rates for senior citizens. Note that these rates are subject to change and vary depending on the tenure.
SBI Senior Citizen FD Interest Rates (April 2025)
| Tenure | Regular FD Rate | Senior Citizen Rate | SBI WeCare Rate | Effective Annual Return |
|---|---|---|---|---|
| 7 days to 45 days | 3.00% | 3.50% | Not applicable | 3.56% |
| 46 days to 179 days | 4.50% | 5.00% | Not applicable | 5.12% |
| 180 days to 210 days | 5.25% | 5.75% | Not applicable | 5.90% |
| 1 year to less than 2 yrs | 6.80% | 7.30% | Not applicable | 7.52% |
| 2 yrs to less than 3 yrs | 7.00% | 7.50% | Not applicable | 7.76% |
| 5 years and above | 6.50% | 7.00% | 7.80% | 8.07% |
| 10 years | 6.50% | 7.00% | Not applicable | 7.23% |
*Rates are indicative and may vary based on bank updates.
How to Earn ₹44,000 Interest on ₹1 Lakh Investment?
If you invest ₹1,00,000 under the SBI WeCare Deposit Scheme for 5 years at an interest rate of 7.80%, here’s how the return looks:
| Investment Amount | Interest Rate | Tenure | Total Interest Earned | Maturity Amount |
|---|---|---|---|---|
| ₹1,00,000 | 7.80% | 5 years | ₹44,000 approx | ₹1,44,000 |
Breakdown:
- The interest is compounded quarterly
- No withdrawals allowed before maturity to avail full benefits
- TDS may apply if total interest exceeds ₹40,000 (₹50,000 for senior citizens) in a financial year
Benefits of SBI Senior Citizen FD
- Assured Returns: Guaranteed income without market volatility
- Higher Rates: Extra interest of up to 0.80% over general public rates
- Flexible Tenures: Choose a term that suits your financial goals
- Premature Withdrawal: Allowed with nominal penalty (not for WeCare)
- Loan Against FD: Avail loan facility up to 90% of FD amount
- Safe Investment: Backed by the largest PSU bank in India
Who Can Open an SBI Senior Citizen FD?
Eligibility Criteria:
- Must be a resident Indian citizen
- Should be aged 60 years or above
- In case of joint accounts, the primary holder should be a senior citizen
- HUFs and NRIs are not eligible for this benefit
Documents Required:
- PAN Card
- Aadhaar Card
- Senior Citizen Certificate or Age Proof
- Recent passport-sized photograph
- SBI account details (savings or current)
Comparison with Other Senior Citizen FD Plans (2025)
Let’s compare SBI’s plan with other leading banks for senior citizens:
| Bank | Interest Rate (5 Years) | Additional Benefit | Max Interest on ₹1 Lakh |
|---|---|---|---|
| SBI WeCare | 7.80% | +0.80% | ₹44,000 |
| HDFC Bank | 7.75% | +0.75% | ₹43,800 |
| ICICI Bank | 7.50% | +0.50% | ₹43,000 |
| Bank of Baroda | 7.65% | +0.65% | ₹43,700 |
| Axis Bank | 7.60% | +0.60% | ₹43,500 |
| IDFC First | 7.85% | +0.85% | ₹44,200 |
| Punjab Bank | 7.70% | +0.70% | ₹43,900 |
How to Open an SBI Senior Citizen FD?
You can open an FD through any of the following methods:
- Online via SBI Net Banking
- Login to your account
- Go to ‘Fixed Deposit’ section
- Choose “Senior Citizen” option
- Enter amount, tenure, interest payout option
- Through YONO App
- Open YONO app
- Go to ‘Deposits’
- Select ‘Create Fixed Deposit’
- Choose senior citizen scheme
- By Visiting Branch
- Visit nearest SBI branch
- Fill FD application form
- Submit KYC documents and cheque/cash
Tips to Maximize Your Returns
- Choose cumulative FDs for compounding benefits
- Invest for longer tenure (5+ years) to get higher rates
- Split your FD amount to avoid TDS (under ₹50,000 interest/year)
- Reinvest maturity amount to keep earning interest
Who Should Consider SBI Senior Citizen FDs?
This FD plan is ideal for:
- Retired individuals looking for regular income
- Those avoiding high-risk instruments like stocks
- People wanting assured and fixed returns
- Senior citizens without pension income
SBI’s Senior Citizen FD and WeCare Deposit Scheme stand out as reliable options for elderly investors seeking financial stability. With high-interest rates, flexible tenures, and the trust of a government-backed bank, these schemes provide both peace of mind and better returns than many other fixed-income investments.
However, always consider factors like inflation, tax implications, and liquidity needs before locking your funds. Consult your financial advisor if needed.
Interest rates mentioned in this article are as of April 2025 and are subject to change based on RBI policy and SBI announcements. Investors are advised to check with the official SBI website or their nearest branch for the latest updates.
