SBI Patrons FD Scheme: Senior Citizens Above 80 Now Get the Highest Interest Rates! Explore SBI’s New Fixed Deposit Offer!

SBI Patrons FD Scheme : The State Bank of India (SBI), the country’s largest public sector bank, has launched a special fixed deposit (FD) scheme under its “SBI Patrons FD” initiative. Aimed particularly at senior citizens above the age of 80, this new offering is designed to provide higher and secure returns on deposits. With interest rates exceeding the regular FD schemes, this initiative is SBI’s effort to support the financial wellbeing of the elderly during their retirement years.

Let’s explore everything you need to know about the SBI Patrons FD Scheme – from interest rates and eligibility criteria to how it compares with other FD options in the market.

SBI Patrons FD Scheme : What is the SBI Patrons FD Scheme?

The SBI Patrons FD Scheme is an exclusive fixed deposit plan tailored specifically for India’s super senior citizens – individuals aged 80 years and above. While the regular senior citizen FD schemes offer higher rates than general depositors, this new scheme offers even more attractive interest rates to ensure higher income for elderly customers.

This FD initiative is part of SBI’s broader efforts to provide financial security to the older generation through safe, high-yield investment avenues.

Key Features of the SBI Patrons FD Scheme:

• Applicable only to customers aged 80 years and above.
• Offers higher interest rates than regular and senior citizen FDs.
• Fixed deposit tenures range from 7 days to 10 years.
• Available across all SBI branches in India.
• Safe and government-backed investment option.

Interest Rates Under SBI Patrons FD Scheme

SBI offers attractive interest rates for this special category. Here’s a breakdown of the interest rates offered under the Patrons FD Scheme as compared to regular and senior citizen FDs.

SBI Fixed Deposit Interest Rates Comparison (As of March 2025)

Tenure	Regular FD Rate	Senior Citizen Rate (60-79 yrs)	SBI Patrons Rate (80+ yrs)
7 – 45 days	3.00%	3.50%	3.80%
46 – 179 days	4.50%	5.00%	5.30%
180 – 210 days	5.25%	5.75%	6.05%
211 days – less than 1 year	5.75%	6.25%	6.55%
1 year – less than 2 years	6.80%	7.30%	7.60%
2 years – less than 3 years	7.00%	7.50%	7.80%
3 years – 5 years	6.50%	7.00%	7.30%
5 years – 10 years	6.50%	7.50%	7.80%

Note: Interest rates are subject to periodic revision. Customers should verify the latest rates before investing.

Who Can Invest in the SBI Patrons FD Scheme?

SBI has set clear eligibility guidelines for this fixed deposit offering. The scheme is not available to all customers but targets a specific demographic.

Eligibility Criteria:

• Must be 80 years of age or older.
• Must hold an individual or joint account with SBI.
• Only resident Indian citizens are eligible.
• Can be opened under single or joint names (the primary account holder must be 80+).

Document Requirements:

• Proof of age (such as Aadhaar Card, PAN Card, Passport, etc.)
• Identity and address proof.
• Existing SBI account details (savings or current account).

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Benefits of SBI Patrons FD for Super Senior Citizens

SBI has tailored this scheme to provide maximum comfort and return to elderly depositors. Here’s why this scheme is a favorable investment avenue for super senior citizens:

• Higher Returns: Offers up to 50-80 basis points more than regular FD schemes.
• Safety and Trust: SBI is a government-owned bank, ensuring a high level of trust and security.
• Regular Income Option: Ideal for pensioners looking for monthly interest payouts.
• Flexible Tenure Options: Customers can choose deposit terms from a few days to up to 10 years.
• Loan Facility: Allows premature withdrawal and loan against FD, subject to conditions.

How to Open an SBI Patrons FD Account?

Investing in this scheme is simple and can be done both online and offline. SBI provides multiple channels to make the process convenient for elderly customers.

Steps to Open SBI Patrons FD Account:

1. Visit your nearest SBI branch with required documents.
2. Fill out the FD application form, specifying tenure and payout preference.
3. Submit identity, address, and age proofs.
4. Deposit the amount via cheque, online transfer, or cash.
5. Collect your fixed deposit receipt and confirmation.

Alternatively, if the depositor is digitally enabled:

• Log in to SBI’s online banking or YONO app.
• Navigate to the ‘Fixed Deposit’ section.
• Select “SBI Patrons FD” (if available under your profile).
• Enter deposit amount, tenure, and interest payout mode.
• Confirm and submit.

Interest Payout Options Under Patrons FD

SBI provides flexibility in how interest is received under this scheme, which is especially beneficial for retirees who depend on regular income.

Available Payout Options:

• Monthly Payout: Ideal for regular income.
• Quarterly Payout: Interest credited every 3 months.
• Cumulative Payout: Interest is reinvested and paid on maturity.
• Premature Withdrawal: Allowed but with applicable penalty (unless under special cases).

Sample Interest Earnings for Rs. 5 Lakh FD:

Tenure	Interest Rate	Monthly Income (Approx.)	Maturity Amount (Cumulative)
1 Year	7.60%	₹3,167	₹5,38,000
3 Years	7.30%	₹3,042	₹6,14,500
5 Years	7.80%	₹3,250	₹7,35,000
10 Years	7.80%	₹3,250	₹10,70,000

Approximate values. Actual returns may vary based on compounding method and TDS deduction.

How Does It Compare with Other Senior Citizen FD Schemes?

Here’s a quick comparison of SBI Patrons FD Scheme with similar offerings by other major banks.

Comparison Table: Senior Citizen FD Schemes (80+ Years)

Bank	Max Interest Rate	Eligibility Age	Max Tenure	Special Scheme Name
SBI	7.80%	80+	10 years	SBI Patrons FD
HDFC Bank	7.75%	60+	10 years	HDFC Senior Citizen FD
ICICI Bank	7.75%	60+	10 years	ICICI Golden Years FD
Bank of Baroda	7.75%	75+	10 years	Baroda Super Senior Citizen
PNB	7.65%	60+	10 years	PNB Uttam FD

SBI stands out for providing a dedicated FD scheme only for individuals aged 80 and above, with one of the highest interest rates in the market.

Things to Consider Before Investing

While the SBI Patrons FD is an attractive option, investors should keep a few points in mind:

• Premature withdrawals may attract penalties.
• TDS (Tax Deducted at Source) is applicable if interest exceeds Rs. 40,000 (Rs. 50,000 for senior citizens).
• Returns are taxable as per your income tax slab.
• It’s advisable to submit Form 15H (for no TDS) if income is below taxable limit.

The SBI Patrons FD Scheme is a thoughtful initiative that recognizes the financial needs of India’s super senior citizens. With attractive interest rates, flexible tenures, and the trust of a government-owned bank, this scheme offers a safe and rewarding investment option for those in their golden years.

Whether you’re planning for future security or looking for a steady monthly income during retirement, SBI’s Patrons FD can be an ideal addition to your portfolio. Make sure to evaluate your financial goals, consult with a financial advisor if needed, and take advantage of this scheme if eligible.