FD scheme extended: State Bank of India (SBI) has extended its special senior citizen scheme dubbed SBI WeCare which offers higher interest rates to senior citizens on tenures between 5 years to 10 years.
According to the SBI website, “SBI takes pride in its association with Senior Citizens and introduces a new Deposit Scheme “SBI WECARE’ protecting their income by offering additional interest on Term Deposits.”
SBI launched the “SBI WECARE” special FD scheme in 2022 to secure senior citizens’ income by offering higher interest on term deposits.
When is the last date to invest in SBI Wecare?
The scheme has been extended to September 30, 2023. The scheme is available on fresh deposit and renewal of maturing deposits.
Eligible Customers
Only senior citizens are eligible to avail of this scheme offering higher FD interest rates.
Period of Deposit
The minimum investment tenure is 5 years and maximum tenure is 10 years.
Interest Rate
The bank offers an additional premium of 50 bps (over and above the existing premium of 50 bps) over the card rate for the Public i.e., 100 bps over the card rate for the Public. The interest rate offered on SBI Wecare is 7.50%.
SBI Senior citizen FD rates
SBI offers 0.50% higher interest rates to senior citizens, interest rates on regular fixed deposits vary between 3.50% and 7.50% for tenures ranging from 7 days to 10 years.
Other banks’ special deposit schemes for seniors
HDFC Bank Senior Citizen Care FD
The bank offers an additional premium of 0.25% over and above the existing premium of 0.50% for a tenure of 5 years 1 day to 10 years. The offer is valid up to July 7, 2023, according to the HDFC Bank website. The interest rate offered is 7.75%.
ICICI Bank Golden Years FD
The bank offers an additional premium of 0.10% over and above the existing premium of 0.50% for a tenure above 5 years. The interest rate offered under the scheme is 7.50%.
According to the ICICI Bank website, “Premature withdrawal on FD: In case a Fixed Deposit is opened and the above scheme is prematurely withdrawn/closed after, on or after 5 years 1 day, the applicable penal rate will be 1.00% with effect from March 14 , 2023. In case the deposit opened in the above scheme is prematurely withdrawn/closed before 5 years 1 day, the prevailing premature withdrawal policy will be applicable.”
