Senior citizens FD: The ‘We Care Deposit’ scheme of State Bank of India (SBI) is ending this month i.e. on 30th September. In this scheme, senior citizens will be given additional interest on fixed deposits of 5 years or more.
What is ‘WeCare Deposit’ Scheme?
In this scheme of SBI, additional interest of 50 basis points will be available on deposits (FD) of tenure of 5 years or more. This scheme will be applicable only till 30 September 2023. Only the customers who invest in this scheme within the stipulated period will get the benefit.
Interest on term deposits for senior citizens
Senior citizens get 0.50% more interest than the general public on retail term deposits of less than 5 years. Under the ‘WeCare Deposit’ scheme, 1% interest will be available on FD of 5 years or more. However, no additional interest will be given on withdrawal before maturity.
How much interest is available on FD in SBI
| Duration | Rate of interest (%) | Interest rate for senior citizens |
| 7 to 45 days | 3.00% | 3.50% |
| 46 to 179 days | 4.50% | 5.00% |
| 180 to 210 days | 5.25% | 5.75% |
| 211 to less than 1 year | 5.75% | 6.25% |
| 1 year to less than 2 years | 6.80% | 7.30% |
| 2 years to less than 3 years | 7.00% | 7.50% |
| 3 years to less than 5 years | 6.50% | 7.00% |
| 5 years to 10 years | 6.50% | 7.50% (WeCare Deposit) |
| 400 days (Amrit Kalash Scheme) | 7.10% | 7.60% |
You can also invest in SBI’s Amrit Kalash Scheme
Fixed Deposit (FD) scheme of State Bank of India (SBI) Amrit Kalash Scheme is also running. Under this, 7.60% annual interest is being given to senior citizens and 7.10% to others on FD. In this fixed deposit scheme one has to invest for 400 days.
Amrit Kalash is a special retail term deposit i.e. FD. In this, senior citizens get interest rate of 7.60% and common citizens get interest rate of 7.10%. In this, you can make a maximum FD of Rs 2 crore.
8.2% interest available in Senior Citizens Savings Scheme
Post Office Senior Citizens Savings Scheme is offering 8.2% annual interest. In this, after the age of 60 years or more, the account can be opened by going to the post office. However, a person taking VRS who is more than 55 years but less than 60 years can also open this account. The maturity period of this scheme is 5 years. That means you have to invest in this scheme for 5 years.
