SBI’s special FD scheme for Senior Citizens – We Care – offers an additional 30 bps interest rate to senior citizens on their FDs for tenures of 5 years and above.
The State Bank of India (SBI) has made senior citizens happy by giving them festive gifts. Now the benefit of SBI’s special fixed deposit scheme can be taken till March 2022. That is, this special scheme has been extended once again. In May 2020, the country’s top lender had announced the SBI ‘WECARE’ fixed deposit scheme for senior citizens, initially till September 2020. But amid the Covid-19 pandemic, the special FD scheme was extended several times. The bank has extended it till March-end next year. Let us tell you that recently the bank has introduced many offers in its loan segment as well. In which reducing the interest rates of home loans is the main one.
SBI Moves Scheme Date Further
SBI has mentioned on its website that a special SBI WeCare Deposit has been launched for senior citizens in the Retail Term Deposit segment, wherein senior citizens will be allowed to pay on their retail term deposits with a tenure of 5 years and above. An additional 0.30% interest rate is paid for Now this SBI VKY deposit scheme has been extended till March 31, 2022.
What are the interest rates
SBI’s special FD scheme for Senior Citizens – We Care – offers an additional 30 bps interest rate to senior citizens on their FDs for tenures of 5 years and above. At present, SBI offers 5.4% interest rate on five-year FDs for the general public. If a senior citizen makes a fixed deposit under the Special FD Scheme, then the interest rate applicable on the FD will be 6.20 percent. These rates are effective from 8 January 2021.
These banks are also running special FDs
Apart from SBI, lenders like HDFC Bank, Bank of Baroda (BOB) and Axis Bank also started this special FD scheme for senior citizens and extended it several times since then. According to the website of HDFC Bank and BoB, these schemes have been extended till 30 September 2021. However, ICICI Bank’s portal says that its Golden Year FD for senior citizens is valid till 7 October 2021.
