SBI Fixed Deposit: Secure high interest, tax benefits for THIS age group

SBI's FD scheme for senior citizens is designed for those over 80. It offers high interest rates and flexible investment options.

State Bank of India (SBI), India's largest public sector bank, offers various investment opportunities with attractive returns for investors. 

It offers high interest rates and flexible investment options

So that they can achieve significant profits. SBI's fixed deposit scheme is designed for people aged 80 and over. 

In this fixed deposit scheme, super senior citizens can invest with a minimum of ₹1,000

At the same time, the maximum investment limit has been increased to ₹3 crore. This scheme offers flexible tenure options from 7 days to 10 years. 

It helps investors choose a suitable tenure according to their financial goals. The main feature of the SBI FD scheme is its attractive interest rate. 

This scheme offers an annual interest rate of 7.60% for super senior citizens which is higher than the general fixed deposit rate. This special interest rate ensures that elderly investors earn significant income over time. 

It is an ideal option for those looking for stable and guaranteed income on savings. In addition, the government has made significant changes in the case of tax deduction at source (TDS) on interest income.

For non-senior citizens, the TDS limit on fixed deposit interest is ₹4,000 to ₹50,000 has been upgraded. Senior citizens currently have to pay 10% TDS if their annual FD interest income exceeds ₹50,000. 

However, from April 1, 2025, this limit will be increased to ₹1 lakh. This provides more tax benefits for elderly investors. The 2025 budget has also brought benefits for retail investors earning dividend income.  

Previously, TDS was deducted on dividends if the income exceeded ₹5,000. However, this limit has now been increased to ₹10,000. This move will benefit shareholders earning dividend income from their investments.