Updated 19 Dec 2023
Navigating the retirement phase requires a financial partner offering security and beneficial returns. SBM Bank stands out as that reliable partner, especially with its tailored Fixed Deposit Rates for senior citizens. Prioritising the financial well-being of our senior community, these FD rates are structured to provide higher interest, ensuring that one's golden years are not just comfortable but also profitable.
This blog delves deep into the features and perks of the Senior Citizen FD Rates offered by SBM Bank. Let's explore how SBM Bank makes senior citizens' savings grow efficiently and securely.
Tenure | Interest Rates (% p.a.) |
---|---|
7 – 14 days | 4.75 |
15 – 30 days | 4.75 |
31 – 45 days | 4.75 |
46 – 60 days | 4.75 |
61 – 90 days | 4.75 |
91 – 120 days | 5.3 |
121 – 180 days | 5.5 |
181 – 210 days | 7.05 |
211 – 269 days | 7.05 |
270 days – below 1 year | 7.05 |
1 year and 1 year 1 day | 6.75 |
1 year 2 days | 6.75 |
More than 1 year 2 days to 389 days | 7.55 |
390 days | 6.75 |
391 days – 15 months | 7.55 |
Above 15 months – 18 months | 7.55 |
Above 18 months – less than 2 years 3 days | 7.8 |
2 years 3 days | 7.8 |
Above 2 years 3 days – less than 3 years 2 days | 7.8 |
3 years 2 days | 7.9 |
Above 3 years 2 days – less than 5 years | 7.9 |
5 years | 8.25 |
Above 5 years – 10 years | 7.9 |
The eligibility criteria for the senior citizen FDs is that they need to be at least or above the age of 60 on the day of opening the FD account. They typically need to be residents to open a senior citizen FD; However, NRIs can also open accounts through NRE and NRO accounts.
The documentation required is similar to that of a normal FD account opening. One metric being essential is your age proof.
Identity Proofs
Address Proof
Age proof is mandatory to avail of a Senior Citizen FD account.
Who qualifies as a senior citizen at SBM Bank?
Generally, individuals aged 60 years and above are considered senior citizens by most banks, including SBM Bank.
Is there a specific tenure for senior citizen FDs at CUB Bank?
SBM Bank offers a range of tenures for FDs. However, the special interest rate for senior citizens is applicable across various tenures.
Can I open a joint FD account with a senior citizen rate?
Yes, but typically, the primary account holder must be a senior citizen to avail of the special rates.
Disclaimer: Wint Wealth makes no guarantee or warranty on the accuracy of the data provided on this site, the information displayed is subject to change and are provided on an as-is basis. Nothing contained herein is intended to or shall be deemed to be investment advice, implied or otherwise. You are advised to make your own enquiries, consult a professional advisor and verify the information prior to taking any investment decisions. We accept no liability for any loss arising from the use of information contained on this website.