SBI's deposit scheme for senior citizens

MUMBAI, MAY 20. State Bank of India (SBI) is to introduce a new deposit scheme for senior citizens offering additional one per cent interest on term deposits of 365 days but below three years.

The product - `Senior Citizens Deposit Scheme' - would be available for individuals aged 60 years and above, SBI said in a release here.

For maturity of three years and above, the rate of interest offered would be 75 basis points higher than the normal rate for term deposits, it said. The minimum deposit for this scheme has been fixed at Rs. 10,000, it said.