State Bank of India offers various types of FD schemes. The following are some of the fixed deposit types
SBI 1-Year FD Plan
People above 60 years can invest in 1 year term deposit and earn 7.30% interest rate with SBI. It is a suitable option for short term savings plan.
SBI 3-Year FD Scheme
SBI offers three-year fixed deposit to senior citizens at an interest rate of 7.25 percent. But it is very reliable when it comes to medium term financial objectives. Generally, you can borrow up to 90% of the FD value. If you have to break your FD before the expiry of 3-years, SBI allows premature withdrawal. However a penalty of 1% will be levied.
SBI 5-Year FD Scheme
It offers a 5 year FD plan. SBI offers 7.50% interest rate to senior citizens. This will benefit individuals looking for long-term investment. The minimum deposit amount for SBI 5 year FD is usually ₹1,000 and no more
SBI Amrit Vrishti FD Scheme
Amrit Vrishti Yojana offers attractive interest rates to senior citizens. The bank offers an interest rate of 7.75% for a tenure of 444 days and many investors like to invest in it. This scheme offers an additional 0.50% interest over the standard FD rates offered by SBI to general customers.
The plan has various interest payment options like monthly, quarterly, half-yearly, annual payment option.
The fixed deposit tenure under this scheme is generally 1 year to 5 years. Senior citizens can choose their financial goals.