State Bank of India (SBI), the country’s most trusted banking institution, has announced a lucrative fixed deposit scheme tailored specifically for senior citizens. Known for its reliability and customer-centric policies, SBI continues to strengthen its bond with millions of Indians by offering competitive interest rates. This latest update in FD interest rates is particularly beneficial for senior citizens looking to secure stable returns on their investments.

Under the new scheme, senior citizens investing in SBI’s fixed deposits for one year will now enjoy an interest rate of 7.30%. For instance, an investment of ₹4,44,555 will yield an annual interest of ₹32,453, translating to a monthly return of ₹2,704. Larger investments, such as ₹6,66,777 or ₹8,88,999, can generate annual interest earnings of ₹50,023 and ₹66,695 respectively. For long-term investments of three years, the benefits multiply further, with potential interest earnings reaching up to ₹2,13,846 for an initial deposit of ₹8,88,999. These offerings make SBI’s fixed deposit scheme highly appealing for senior citizens seeking steady income post-retirement. However, it’s always advisable to verify terms and conditions directly with the bank before making any financial commitments.