New Delhi, Jan. 26 -- Fixed deposits (FDs) for super senior citizens are designed to provide steady income at a higher interest rate compared to regular FDs. Several banks provide various FD schemes for super senior citizens at varied interest rates. India's biggest lender, State Bank of India, offers the SBI Patrons scheme for super senior citizens.

A super senior citizen is an individual who is 80 years old or more at any time during the previous year, according to section 194P of the Income Tax Act, 1961.

SBI launched its term deposit scheme "SBI Patrons" for citizens attaining the age of 80 years or more. Under the scheme, super senior citizens will be offered an interest rate of 10 bps above the regular interest rates applicable to...