SBI’s excellent FD schemes: Invest once and receive a fixed monthly income..

SBI Savings & Investment Schemes: State Bank of India (SBI) offers a range of specialized fixed deposit and monthly income schemes designed to provide regular income, higher interest rates for senior citizens, and opportunities for eco-friendly investments. If you are looking to generate a regular monthly income through a lump-sum deposit or are seeking secure investment options, these three key deposit schemes from SBI could prove highly beneficial:

1. SBI Annuity Deposit Scheme

This scheme is an excellent choice for those who wish to deposit a lump sum and receive a fixed monthly income. The customer makes a one-time deposit, and the bank provides monthly payouts in the form of an EMI, which comprises both the principal amount and the accrued interest.

Customers can choose a tenure of 36, 60, 84, or 120 months. The interest rate offered is equivalent to the bank's standard retail term deposit (FD) rates. Interest is compounded quarterly and incorporated into the monthly installments.

The minimum monthly annuity is set at ₹1,000—translating to a minimum deposit of ₹60,000 for a 5-year tenure. There is no upper limit on the investment amount. Notably, in specific circumstances, customers can avail of a loan or overdraft facility of up to 75% of the remaining annuity balance.

2. SBI Patrons Scheme – For Super Senior Citizens

To honor and provide financial benefits to elderly individuals aged 80 years and above, the State Bank of India has introduced the 'SBI Patrons' facility. Indian residents aged 80 years or older are eligible for this scheme.

Under this initiative, super senior citizens receive an additional interest rate of 10 basis points (0.10%) over and above the standard interest rates offered to senior citizens. This applies to retail term deposits of less than ₹3 crore with tenures ranging from 7 days to 10 years.

No separate product code is required for this. The additional interest is applied automatically—either by the system or when creating an FD via SBI/YONO—based on the date of birth recorded in the core banking system.

3. SBI Green Rupee Term Deposit (SGRTD)

To promote environmental conservation, SBI has introduced this special 'Green Deposit' initiative. Funds raised under this scheme are used to finance eco-friendly projects and the renewable energy sector in India.

The SGRTD scheme is available for three specific tenures: 1,111 days, 1,777 days, and 2,222 days. It is open to Indian residents, minors, and non-individual customers. Investments can start from as little as ₹1,000, with no upper limit on the investment amount.

It offers attractive interest rates, similar to standard FDs, with an additional rate benefit for senior citizens. The scheme also provides a loan/overdraft facility.

Disclaimer: This content has been sourced and edited from Money Control. While we have made modifications for clarity and presentation, the original content belongs to its respective authors and website. We do not claim ownership of the content.