according to State Bank Of India website, “for a special “SBI WeCare” deposit senior citizen Introduced in the Retail TD segment wherein an additional premium of 30 bps (over the existing 50 bps mentioned in the above table) will be paid to senior citizens on their Retail TD only for a period of ‘5 years and above’. “SBI Wecare” deposit scheme has been extended till March 31, 2023.
In 2022, SBI launched the special FD scheme “SBI WECARE” to secure the income of senior citizens by paying additional interest on fixed deposits. This scheme is offered for new deposits as well as renewal of maturing accounts.
Features of the plan
- Duration of deposit: Minimum- 5 years. Max- 10 Years
- Interest Rate: An additional premium of 30 bps (over the existing premium of 50 bps) on the card rate for public i.e. 80 bps over the card rate for public.
- Payment of Interest: Fixed Deposit – Special Fixed Deposit at monthly / quarterly intervals – Interest on maturity, excluding TDS, will be credited to the customer’s account
- Loan Facility: Available.
Other Banks Offering Exclusive Senior Citizen FD Schemes
There are many banks that have launched special FD schemes with attractive interest rates for senior citizens in the last two years. it includes ICICI Bank, HDFC bank e.t.c.