SBI provides a huge 7.65% interest rate on fixed deposits to senior citizens

The State Bank of India (SBI) has raised its interest rates on fixed deposits under Rs. 2 crore by 10-20 basis points.

Senior citizens are the primary beneficiaries of this FD rate increase.

However, there is a subcategory of the elderly who receive an additional 1% on applicable FD rates.

The revised rates went into effect on October 15.

SBI resident Senior Citizen Pensioners will receive both the Staff (1%) and resident Indian Senior Citizens (0.50%) benefits.

Senior citizens who are SBI pensioners will get a maximum of 7.65% (6.65% + 1%) on 5 years and up to 10 years tenures.

In addition, SBI has introduced a special "SBI Wecare" deposit for Senior Citizens in the Retail TD segment.

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