Senior Citizen FD scheme : The State Bank of India (SBI) has once more extended its senior citizens’ special fixed deposit program. The SBI “WECARE” Senior Citizens’ Term Deposit program was introduced in May 2020, with an initial maturity date of September 2020. Yet, the unique FD program was repeatedly extended and has now been extended by the bank June 30, 2023.
According to the SBI website, “SBI takes pride in its association with Senior Citizens and introduces new Deposit Scheme “SBI WECARE’ protecting their income by offering additional interest on Term Deposits.”
SBI WE care interest rates
According to the SBI website, “Additional premium of 50 bps (over and above existing premium of 50 bps) over card rate for Public i.e., 100 bps over card rate for Public.”
The interest rate offered under the scheme is 7.50 percent for tenure ranging from 5 years to 10 years.
The main aim of this FD scheme is protecting income of senior citizens by providing additional interest on their term deposits. This FD can be booked by visiting branch, using net banking, or YONO app.
Payment of Interest
For term deposit, interest is paid at monthly, quarterly interval. Special Term Deposit interest, on maturity Interest, net of TDS, will be credited to customer account.
A scheme is offered for both new deposits and renewals of deposits that have reached maturity.
SBI FD latest interest rates
SBI offers interest rates between 3.50 percent and 7.50 percent for tenure ranging between 7 days to 10 years for amounts below Rs 2 crore.
Senior Citizen FD rates
| Tenors | Rates w.e.f. 15/02/2023 |
| 7 days to 45 days | 3.5 |
| 46 days to 179 days | 5 |
| 180 days to 210 days | 5.75 |
| 211 days to less than 1 year | 6.25 |
| 1 Year to less than 2 years | 7.3 |
| 2 years to less than 3 years | 7.5 |
| 3 years to less than 5 years | 7 |
| 5 years and up to 10 years | 7.50@ |
Loan
SBI bank customers can avail loan under this FD scheme.
TDS
Tax Deducted at Source rate will be applicable as per Income Tax Act
SBI Sarvottam deposits
The State Bank of India (SBI) depositors will get higher interest rates than regular fixed deposits. Senior citizens will earn an interest rate of 7.9 per cent for deposits maturing in two years. For one year tenure, they will get an interest rate of 7.6 per cent in the bank.
Other banks
ICICI Bank special deposit will end on April 7, 2023. HDFC Bank and IDBI Bank have not updated anything related to the special deposit scheme offered to senior citizens.
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