SBI Savings Account Interest Rate for Senior Citizens: A Comprehensive Guide
Current Interest Rate
As of 1st May 2024, the SBI senior citizen savings scheme interest rate is 8.20% per annum.
Historical Rates
The interest rate on the SBI senior citizen savings scheme has fluctuated over time. Here are the rates for the past few years:
- 2023-2024: 7.40% per annum
- 2022-2023: 7.40% per annum
- 2021-2022: 8.60% per annum
Benefits of the SBI Senior Citizen Savings Scheme
The SBI senior citizen savings scheme offers several benefits, including:
- Higher interest rate than regular savings accounts
- Tax benefits under Section 80C of the Income Tax Act
- No penalty for premature withdrawals after one year
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