Bank Interest Rates

• Senior citizens of the society are given higher interest rates on their savings.

• The Government of India has introduced an interest rate of 9 percent annually for savings made by senior citizens in the postal office of the country under the Senior citizen savings schemes.

The Senior citizens have also been benefitted by giving them the higher interest rates by the Indian Government under the various schemes of savings that are part of the Indian Postal Office. The senior members also gain benefit through different public sector banks under the Senior Citizen saving schemes. The senior members must visit the nearest branch of post office or public bank to know more details about the various applicable schemes.
State Bank of India only charges 50 percent of the actual cost for following services to senior members:

• Bank statement or duplicate passbook
• New cheque books
• Verification of Signature
• Charges levied on minimal balance non-maintenance