A special scheme is also being run in SBI, so that senior citizens can meet their financial needs without any hassle at the last stage of age. In the Senior Citizen Saving Scheme running in banks, more interest is available than other savings schemes.
New Delhi: The government has started many schemes for Senior Citizens during the Corona period. If you are also thinking of getting an FD in the name of your parents or an elder in the house, then you can invest in the WECARE Deposit Scheme of State Bank of India (SBI). This scheme is specially for senior citizens. In this you will get more interest than ordinary FD. Along with this, the scheme has many benefits. Let us know about this scheme in detail.
Special scheme for senior citizens
The country’s top banks such as State Bank of India (SBI), HDFC Bank, and ICICI Bank have fixed deposit (FD) schemes for senior citizens. Banks have started special FD scheme for senior citizens. In September, it has been announced to extend the scheme till March 2022.
SBI Fixed Deposit Scheme
- SBI’s special fixed deposit scheme for senior citizens is known as ‘SBI We Care’. SBI started this scheme on 12 May. Investment is made in this scheme for 5 years. A maximum of Rs 2 crore can be deposited in this scheme.
- In SBI’s new Wecare Deposit scheme, an additional 30 bps premium interest of 30 basis points will be available on deposits (FDs) of tenure of 5 years or more. This will be available only on the investment of senior citizens. Only customers who register in this scheme within the stipulated period will get the benefit.
Interest on Term Deposit for Senior Citizens
- Senior citizens will get 0.50% more interest than the general public on retail term deposits of less than 5 years.
- Retail term deposits above 5 years will attract 0.80% interest, including an additional 0.30%.
- However, no additional interest will be paid on premature withdrawal.