Major relief for senior citizens as SBI offers 80 bps more on FDs.

• In a falling interest rate regime, senior citizens are hit the most as they rely on their fixed deposits (FD) for extra income.
• So, the country’s largest bank, State Bank of India’s decision to give whopping 80 basis points (bps) more for long-term FDs should be welcome news.
• However, financial planners say that besides looking for a higher rate, senior citizens have other needs.
• While deciding between the two instruments, you need to compare several parameters like the rate, liquidity, and tax efficiency, as well as the upper limit.