State Bank of India (SBI) has once again given a good news to its special customers. These special customers are senior citizens (people above 60 years of age). The good news is that in view of the coronavirus pandemic, the benefit of additional interest rate under ‘SBI WeCare Deposit’ brought for the convenience of the elderly can now be availed till March 31, 2022. This information has been received from the official website of SBI. SBI has extended the duration of this scheme for the fifth time.
launched in March 2020
State Bank of India launched a new FD product ‘SBI Wecare Deposit’ for senior citizens in May 2020. In this, in case of retail term deposits of ‘5 years or more’ to senior citizens, an additional interest of 0.30 per cent has been fixed over and above the interest rate applicable to them.
Can earn 0.80% more interest in total
In SBI, senior citizens already get 0.50 percent more interest on FDs than regular customers. Under the ‘SBI Wecare Deposit’ scheme, senior citizens can avail additional interest of 0.30 per cent on retail term deposits of tenor of ‘5 years or more’. That is, a total interest of 0.80 percent more than the interest received by the regular customer. Retail term deposits mean FDs of less than Rs 2 crore. The benefit under SBI Wecare Deposit will be available on both opening a new FD account or renewal of the old FD. Note that the additional premium being paid specifically will not be paid in case of premature withdrawal of the FD.
Apart from SBI, these three banks also made similar offers
SBI was not the only one offering additional interest on FDs to senior citizens during the pandemic period. Rather, HDFC Bank, Bank of Baroda and ICICI Bank had also brought similar offers. HDFC Bank is offering an additional 0.25 per cent interest to senior citizens till September 30, 2021, on FDs of tenor ‘5 years 1 day to 10 years’ in case of FDs below Rs 5 crore. This offering has been named Senior Citizen Care FD. The bank pre-pays 0.50% extra interest to senior citizens on all maturity periods. That is, on the mentioned maturity period, they can get an interest of 0.75 percent more than the regular interest rate till 30 September 2021.
How much extra benefit are Bank of Baroda and ICICI Bank giving
In case of callable FDs of less than Rs 2 crore with Bank of Baroda (BoB), 0.50 per cent higher interest rate is applicable for senior citizens across all maturity periods. But under the special offer, the bank is giving 1 percent more interest to senior citizens till September 30, 2021, on FDs with a tenure of ‘more than 5 years to 10 years’. ICICI Bank’s special offer for senior citizens is ‘Golden Years FD’. Under this, senior citizens are being given an additional interest of 0.50 per cent and 0.30 per cent per annum over and above the already fixed 0.50 per cent extra interest on FDs of up to 20 million with a tenor of ‘5 years 1 day to 10 years’. That is, a total of 0.80 percent more interest than the regular FD rate. This special offer of ICICI Bank can be availed till 7 October 2021.
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