SBI special fd scheme: Senior citizens can earn more interest by making fixed deposit in State Bank of India (SBI). Senior citizens are getting 80 basis points more interest on deposits in SBI’s special ‘SBI Wecare Deposit’. According to the information available on the official website of SBI, this scheme is effective till March 31, 2022.
The scheme was launched in May 2020
SBI had launched ‘SBI Wecare Deposit’ for senior citizens in May 2020. In this, Senior Citizens get an additional interest of 0.30 per cent over and above the rate of interest applicable to them, in case of Retail Term Deposits of tenor of ‘5 years or more’. In this way, now senior citizens can get 0.80 per cent more interest in WeCare Deposit Scheme.
6.20% interest on 5 year deposit
SBI pays 0.50 percent more interest on its term deposits i.e. FD than ordinary customers. For example, SBI is currently paying 5.40 percent interest annually on deposits of 5 years. In this, if the depositor is a senior citizen, then he will get 5.90 percent annual interest. At the same time, if the senior citizen has made an FD in the ‘WeCare Deposit’ scheme, then 0.30 percent extra interest will be available. In this way, senior citizens will get 6.20 percent annual interest on FD of 5 years. These interest rates are applicable on retail term deposits i.e. deposits of less than Rs 2 crore.
The benefit of extra interest received under SBI Wecare Deposit will be available both on opening new accounts and renewing deposits. Keep in mind that if you withdraw prematurely, you will not get the benefit of the extra interest.
