FD Rates: SBI has announced to extend the special fixed deposit plan ‘SBI Wecare’ for senior citizens till March 31, 2023.
State Bank of India: If your bank account is in State Bank of India (SBI) and you are a senior citizen, then this news is of your use. Yes, SBI is giving higher returns on Fixed Deposit (FD) to senior citizens. SBI has once again extended the special fixed deposit scheme for senior citizens.
On better response, the bank again increased the scheme
SBI, the country’s largest lender to the public sector, has announced to extend the special fixed deposit plan ‘SBI Wecare’ for senior citizens till March 31, 2023. It was started by SBI in September 2020. It got a good response from the senior citizens, after which it has now been increased again by the bank.
30 basis points additional interest
Let us tell you that in SBI’s Senior Citizen Special FD Scheme ‘SBI Wecare’, an additional interest of 30 basis points is available on FDs of five years or more. 5.65 percent interest is given by the bank on FD for 5 years. But under the special scheme, interest of 6.45 percent is given to senior citizens on FD for five years.
FD rate of SBI
On behalf of SBI, the interest rate on FDs up to Rs 2 crore from 7 days to 10 years has been increased by 15 basis points. The increased rates have been implemented from August 13. SBI will give interest ranging from 2.90 percent to 5.65 percent on FDs to ordinary citizens. Bank will give interest from 3.40 percent to 6.45 percent on FD made for senior citizens.