According to the website of State Bank of India (SBI), there will be an extra premium of 50 bps on the card rate for the public i.e. 100 bps on the card rate for the public. Under this scheme, funds on FD will be given on monthly or every third month basis. Whereas on maturity the interest is deposited in the customer’s account after deducting TDS.
India’s largest bank, State Bank of India (SBI) offers different types of investment schemes to its customers. One of these schemes is SBI WeCare. However, September 30 is the last date to invest in this scheme. SBI WeCare Scheme for Senior Citizens is the highest with a tenure of 5 to 10 years. This FD scheme was introduced to the customers in the year 2020.
Customers get more benefits in SBI WeCare
According to the website of State Bank of India (SBI), there will be an extra premium of 50 bps on the card rate for the public i.e. 100 bps on the card rate for the public. Under this scheme, funds on FD will be given on monthly or every third month basis. At the same time, interest on maturity is deposited in the customer’s account after deducting TDS.
How long can I invest in this FD?
Customers can invest in this special FD scheme of State Bank of India (SBI) till 30 September 2023. This scheme of SBI gives the benefit of 0.50% extra interest to senior citizens. On the other hand, SBI’s regular FD interest rates range between 3.50% and 7.50% for tenures ranging from 7 days to 10 years. At the same time, according to the rules of income tax, TDS is deducted in it. Form 15G/15H can be submitted by the depositor for exemption from tax deduction as per IT rules.
This bank is also giving the benefit of higher interest to the elderly
ICICI Bank, a leading private sector bank, offers Golden Years FD to its customers for a tenure of more than 5 years. In this special FD, customers get the benefit of 0.10 per cent extra premium over and above the 0.50 per cent premium. Under this scheme, customers get the benefit of interest at the rate of 7.70 per cent.
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