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The country's largest government bank, State Bank of India (SBI), has brought a spectacular investment scheme for people above 60 years. This scheme is specially designed for senior citizens, which not only protects their savings, but also gives them good returns. In today's era, when inflation is increasing and regular income is needed after retirement, this scheme of SBI has come as a ray of hope for the elderly. Let us know in detail about this scheme and understand how beneficial it can be for you.

What is this special scheme?

SBI has introduced several investment options for senior citizens, but is a special scheme that has been prepared keeping in mind those above 60 years. In this scheme, you can start investing from at least Rs 1,000 and deposit up to a maximum of Rs 3 crore. In this, you get more interest than normal fixed deposits (FD), which can be up to 7.60%. This scheme is excellent for those who want a certain income every month or a year, keeping their hard earned money safe. Whether you have retired or planning for your future, this scheme can be perfect for you.

Why is this plan special?

This scheme of SBI gives the benefit of additional interest to senior citizens. While the interest rate in common FD is around 7%, the elderly get more interest in this scheme. For example, if you deposit Rs 10 lakh for 5 years, then you can get a return of about Rs 76,000 every year. This money will help to meet your everyday needs. Also, the scheme is completely safe, as it is supported by the country's most trusted bank. You can also start it alone or by opening a joint account with your spouse.

How to start investing?

It is very easy to invest in this scheme. You just have to go to your nearest SBI branch or you can start it through online banking. For this, you have to submit proof of your age, such as Aadhaar card or PAN card, and some basic documents. The minimum amount starts at Rs 1,000, that is, you can also avail this scheme with small savings. If you want more returns, invest for a longer period, as interest rates become more attractive at a period of 5 years or more.