SBI Senior FD Scheme -If you’re a senior citizen looking for a fixed monthly income, SBI has just made your retirement planning a whole lot easier. The State Bank of India is offering a special fixed deposit scheme that gives monthly payouts — and yes, you can earn up to ₹8,000 per month depending on how much you invest.
This scheme is a limited-time offer and only available till May 31, 2025. Let’s walk you through all the important details.
What’s the Scheme All About?
This is SBI’s special fixed deposit plan tailored specifically for people aged 60 and above. Unlike regular FDs where you get a lump sum at the end, this one gives you monthly interest payouts, which makes it perfect for managing monthly expenses like groceries, medical bills, or utility charges.
Highlights:
- Only for senior citizens (60 years or older)
- Investment tenure: 5 to 10 years
- Monthly payout: up to ₹8,000
- Minimum deposit: ₹2 lakh
- Maximum deposit: ₹50 lakh
- Higher interest rate than regular FDs
- Scheme open till May 31, 2025
How Much Will You Earn Monthly?
Here’s a breakdown of how much you can earn depending on your investment:
| Investment | Interest Rate | Monthly Income |
|---|---|---|
| ₹2,00,000 | 7.5% | ₹1,250 |
| ₹5,00,000 | 7.5% | ₹3,125 |
| ₹8,00,000 | 7.5% | ₹5,000 |
| ₹10,00,000 | 7.5% | ₹6,250 |
| ₹12,80,000 | 7.5% | ₹8,000 |
| ₹15,00,000 | 7.5% | ₹9,375 |
| ₹20,00,000 | 7.5% | ₹12,500 |
Why Seniors Are Loving This Scheme
- Monthly Cash Flow: Perfect for those who want regular income without breaking savings.
- Backed by SBI: India’s most trusted public sector bank.
- Flexible Investment Range: Start from ₹2 lakh based on your capacity.
- Tax Benefits: Submit Form 15H or 15G to avoid TDS (if eligible).
- Extra Interest: Special interest rates just for seniors.
How to Apply for This Scheme
You can invest in this plan through both offline and online modes. Here’s what to do:
Offline:
- Visit your nearest SBI branch
- Carry ID proof (like Aadhaar, PAN, and age proof)
- Fill out the FD application
- Choose “monthly interest payout” option
Online:
- Use SBI’s internet banking portal or YONO app
- Navigate to fixed deposits section
- Select the scheme and complete the transaction
Who Can Apply?
To qualify, you need to:
- Be at least 60 years old
- Be an Indian resident
- Have basic documents like Aadhaar, PAN, age proof, and a bank account
How It Stacks Up Against Other Plans
| Scheme | Interest | Monthly Income (₹12.8L) | Safety |
|---|---|---|---|
| SBI Senior Citizen FD | 7.5% | ₹8,000 | High |
| Post Office MIS | 7.4% | ₹7,893 | Very High |
| Senior Citizen Saving Scheme | 8.2% | ₹8,740 | Very High |
| LIC Jeevan Akshay Annuity | 6.8% | ₹7,253 | High |
Why Go With SBI?
- Massive branch network across India
- Transparent terms, no hidden charges
- Reliable customer support
- Backed by the government
A Few Things to Remember
- If you withdraw before maturity, you may lose some interest
- Interest is taxable if it crosses the exemption limit
- This scheme is valid only till May 31, 2025
Final Word
SBI’s senior citizen FD scheme offers you a stable, predictable income — just what you need in retirement. With up to ₹8,000 per month coming into your account, managing day-to-day expenses becomes much easier. If you’re planning for a financially stress-free retirement, this is definitely worth a look. But hurry — the deadline is just around the corner.