State Bank of India (SBI) has again extended the term of its special fixed deposit scheme for senior citizens. SBI, the country’s largest public sector bank, will launch the SBI VCare Senior Citizens Term Deposit Scheme for senior citizens in May 2020. In the first phase, the duration of the special project was till September 2020.
However, the project was later extended several times in the wake of the spread of Kovid 19 disease across the country. Now, SBI has extended the duration of this special fixed deposit scheme till March next year.
The bank has introduced a special SBI VCare deposit for senior citizens in the retail term deposit category. Under this special fixed deposit scheme, senior citizen retail term deposits of 5 years or more will get a return of 30 basis points. This is in addition to the existing 50 basis points additional interest rate. The SBI VCare investment plan will be available to customers till March 2022 – as per the official website of SBI.
Under SBI’s Special Fixed Deposit Scheme, the bank offers senior citizens an additional 30 basis points for fixed deposits of 5 years and above.
Under the Special Fixed Deposit Scheme, the interest rate for senior citizens investing in SBI will be 6.20 per cent. The revised fixed deposit rates of the Bank came into effect from January 8, 2021.
In addition to SBI, HDFC Bank, Bank of Baroda (BOB) and Axis Bank are also implementing special fixed deposit schemes for senior citizens. So far, banks have often extended their terms.
According to the official websites of HDFC Bank and Bank of Baroda, these schemes are valid till September 30, 2021. However, according to the ICICI Bank website, the Golden Year Fixed Deposit Scheme will be available to senior citizens till October 7, 2021.
