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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

60 days

3 years to less than 5 years

120 days

5 years and above

180 days

Principal Protection

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 / call on 212-521-3212.

How to open Senior Citizen CD : Download the form Dep 1 Dep-CD

Follow these 3 simple steps and open an account with us


    Send us a signed copy of the application form. Click here to download the application form.


    Send us a signed copy of the application form. Click here to download the application form.

    Primary documents Secondary documents
    State Driver’s license with photo, Passport, State ID card with photo, US alien registration card. Pay stub, Bank statement, utility bill, income tax return, W 2 Income statement, US visa page, credit card, Birth certificate, Social security card, Insurance card, Property Tax bill, Letter issued by government authority

    At least 2 documents should be submitted, one of which must be a Primary ID

    • At least one of the documents to have valid proof of age and current address

    After completing the application form, send the documents to our postal address mentioned below:

    State Bank of India
    460, Park Avenue
    New York-10022.