Are you a retiree or a senior citizen and looking to make more money from your deposit schemes in Bank? Then you should go for senior citizen saving scheme in SBI. State banks is one of the most trusted and widely spread bank in India, so it is good to open such accounts with SBI.
But before knowing the process of senior citizen saving scheme in sbi Online, you should know various other factors like eligibility, account renewal terms, how to close account, what happen if death happen etc.
- SBI senior citizen saving scheme in post office
- SBI interest rate for SC Schemes
- SBI Online calculator
- Link to download SBI senior citizen savings scheme application form
- Documents required to open SBI SC savings scheme online
- How to add Nominees
- Multiple Accounts Facilities
- Joint Account Rules
- Pre-maturre & Maturity rules
- How to close SBI Senior Citizen Saving Scheme
If you are looking for senior citizen saving scheme in sbi, then you can refer to official SBI website where every single details has been demonstrated very clearly. The best part of this scheme is that the interest rate if 8.6 % which is maximum compared to other small savings schemes in market.
You can open more than one account as long as the total deposits in all of the accounts together does not exceed Rs.15 Lakhs collectively
Eligibility criteria of senior citizen saving scheme in SBI Online
An individual who has attained the age of 60 years and above on the date of opening of an account.
Who has attained the age of 55 years or more but less than 60 years and who has retired on superannuation or otherwise on the date of opening an account.
Who has retired at any time before the commencement of these rules and attained the age of 55 years or more on the date of opening of an account.
The retired personnel of Defense Services (excluding civilian Defense employees) irrespective of the above age limits subject to fulfillment of other specified conditions.
SBI senior citizen saving scheme interest rate
The interest rate for senior citizen saving scheme in SBI has been reduced recently after demonetization.
When it was the highest interest rate provider compared to other small savings scheme, now the interest rate has been fallen from 9.3% to 8.6% in current time.
SBI senior citizen savings scheme application form download online
There are 2 forms which you need to remember as the FORM A will be required while opening senior citizen saving scheme in sbi.
And the 2nd form FORM B is handy to renew your Savings account. An application in Form B should be made within a period of one year after the date of maturity period.
How to open a SBI Senior Citizen Saving Scheme Account
First of all you have to visit your nearest SBI branch and ask for SBI Senior Citizen Saving Scheme Account opening application form.
Carry the mandatory documents like proof of age, address proof and photographs with original documents.
Fill up the form carefully with your personal details and then submit the form to the bank. Bank will validate your application and then open your account. A person has the option of opening an individual account or a joint account with his or her spouse.
Did you open a Senior Citizen Saving Scheme Account in SBI? If you have not then you can do that as this account is having the highest interest rate on deposits compared to fixed deposit schemes. You can also ask your father or mother who has retired and not concentrated on savings scheme. Share your experience or any feedback by writing a comment below.