SBI Wecare Senior Citizen FD Scheme: Senior Citizen will get additional premium of 30 bps (over and above existing premium of 50 bps) over card rate for Public i.e. 80 bps over card rate for Public.
New Delhi: Bringing cheers to numerous customers, India’s largest lender State Bank of India (SBI) has once again extended the period for the Special Fixed Deposit (FD) Scheme for senior citizens. The SBI Wecare Senior Citizen FD Scheme has now got an additional three-month extension.
3-Month Extension
The SBI Wecare Senior Citizen FD Scheme will now be available for subscription till September 30, 2023.
Maturity Date
SBI Wecare Senior Citizen FD Scheme, which was launched in May 2020 and had an initial maturity date of September 2020, has got several extensions so far, the last being June 30, 2023. SBI had launched the Special FD Scheme stating that the aim of the scheme is “Protecting income of Senior Citizens by providing additional interest on their Term Deposits.”
Type and Period of Deposit
Senior Citizen will get additional premium of 30 bps (over and above existing premium of 50 bps) over card rate for Public i.e. 80 bps over card rate for Public.
Payment of Interest for Term Deposit is at monthly/ quarterly interval; Special Term Deposit- On maturity Interest, net of TDS, shall be credited to Customer Account.
SBI had mentioned the following Revision in Interest Rates on Retail Domestic Term Deposits (Below Rs. 2 crore) w.e.f. 15.02.2023
| General Public | Senior Citizen | |||
|---|---|---|---|---|
| Tenors | Rates w.e.f. 15/02/2023 | Annualised Yield# | Rates w.e.f. 15/02/2023 | Annualised Yield# |
| 7 days to 45 days | 3.00 | 3.00 | 3.50 | 3.50 |
| 46 days to 179 days | 4.50 | 4.50 | 5.00 | 5.00 |
| 180 days to 210 days | 5.25 | 5.35 | 5.75 | 5.88 |
| 211 days to less than 1 year | 5.75 | 5.88 | 6.25 | 6.40 |
| 1 Year to less than 2 years | 6.80 | 6.98 | 7.30 | 7.50 |
| 2 years to less than 3 years | 7.00 | 7.19 | 7.50 | 7.71 |
| 3 years to less than 5 years | 6.50 | 6.66 | 7.00 | 7.19 |
| 5 years and up to 10 years | 6.50 | 6.66 | 7.50@ | 7.71 |
| 400 days (Special Scheme i.e. “ Amrit Kalash”) | 7.10 | 7.29 | 7.60 | 7.82 |
Type and Period of Deposit
The Special FD scheme for Senior Citizen is a Domestic Term Deposit. The Minimum Period of Deposit is 5 years wile the Maximum Period of Deposit is 10 years. Loan facility is also available on this FD scheme while TDS can be availed at applicable rate as per Income Tax Act.
