With SBI, Enjoy Retirement and Experience Financial Growth Without Any Worries!
SBI is proud to offer with Senior Citizen Certificate of Deposits. Earn high-interest rates with safe and secure Senior Citizen deposits. The Senior Citizen CD has the following benefits:
- Earn a higher interest rate above the interest rates for regular CD. Click here to view the current rates
- Enjoy security through insured deposits with FDIC, up to prescribed limit per account by FDIC.
Features of Senior Citizen CD with SBI
- All applicants should either be US Citizens, hold a Green card or be Resident aliens
- First titled owner need to have a minimum age of 60 years or more
- The time period for deposits can range from 1 year to a maximum of 5 years
- The minimum deposit amount is USD $25,000
- Choice to receive Interest payments
- Cumulative – Interest is calculated on quarterly basis and paid on maturity
- Non-cumulative - on monthly, quarterly, half-yearly or yearly intervals
- Facility of Designation of beneficiary is available, terms & conditions apply.
- Option of Automatic Renewal of the deposit on maturity is available, subject to Bank’s terms & conditions.
Withdrawal before Maturity
It is possible to make a withdrawal before maturity approaches but a fee will apply. The following is the pre-closure fee that one will have to pay for early withdrawal of their Senior Citizen Deposit:
Maturity period of deposit
Number of days for which interest will be recovered at the contracted rate
1 year to less than 3 years
3 years to less than 5 years
5 years and above
The penalty for early withdrawal would be limited up to the amount of interest paid/payable and will not result in reduction of the amount originally deposited.
The Senior Citizen CD account will be subject to all the CD account rules and regulations. For more details, please read the terms and conditions contained in our customer manual or get in touch with us at email@example.com / call on 212-521-3212.