As one of the broadest range of banking services, State Bank of India (SBI) offers different types of FD schemes for general public and senior citizens. Generally, it might take some time in the markets for senior citizens to get better rates of interest than the general public on their FDs.
SBI Amrit Vrishti FD Scheme
On the same note, the Amrit Vrishti scheme gives a senior citizen attractive interest rate. For a term of 444 days the bank offers 7.75% interest rate and is favored by many investors.
SBI 1-Year FD Scheme
The people above 60 years of age can invest in a 1 year term deposit to earn an interest rate of 7.30 percent in SBI. It will maybe appropriate for short term saving plan.
SBI 3-Year FD Scheme
The SBI offers senior citizen 7.25 percent interest for a fixed deposit of three years. But it is the most reliable when it comes to the medium-term financial objectives.
SBI 5-Year FD Scheme
SBI offers a 5 year FD scheme for senior citizens with an interest of 7.50% which can benefit the individuals who are looking for a long term investment.
SBI’s Origins and Branches
SBI has been with the Indian population in banking and finance since 1955. Originally with only 250 branches, it has grown to more than over 22,500 branches all over the country. The management is also targeting opening of 250 more branches during the next five years, FY 25, to enhance branch outreach.
Latest SBI Fund Raising Activities
Just a few weeks ago, SBI tapped the infrastructure bond market for ₹10,000 crore. It will provide long term funds for projects like affordable homes and construction of infrastructure.
The issuance was well received by the investor market with demand excess of more than twice the base issue size. SBI goes on offering competitive FD schemes and sound service, thereby catering for the senior citizens and investors.
