SBI has given a big gift to senior citizens. The bank has once again extended the deadline of the Special Fixed Deposit Scheme started for senior citizens.
New Delhi. If you also consider Fixed Deposite-FD as a good option for safe investment, then this news is of your use. In fact, the country’s largest bank State Bank of India (SBI) has once again extended the deadline of special FD for senior citizens i.e. you can now take advantage of higher interest rates till March 2022. The bank had launched the WeCare Senior Citizen Scheme in May last year.
SBI Wecare Deposit (SBI ‘Wecare Deposit’) SBI has come up with ‘Wecare Deposit
Special FD scheme for senior citizens. In this, 80 basis points more interest is getting the benefit of the rates applicable to the general public.
Check how much interest will you get?
At present, common citizens get the benefit of 5.4 percent interest for a period of five years. If a senior citizen takes FD under the Special FD Scheme, then he gets 6.20 percent interest and you will now get the benefit of more interest till March 2022.
How much will be the benefit?
Senior citizens get an additional premium interest of 30 basis points on deposits for a period of five years or more. Retail term deposits of less than five years will get 0.50 percent more interest than ordinary citizens. At the same time, on retail term deposits of more than five years, senior citizens will get 0.80 percent (0.50 +0.30) more interest than ordinary citizens.
What is the specialty of the scheme
>> Any person who is 60 years of age or above can invest in it.
>> This scheme is for a period of 5 years or more.
>> If you withdraw before maturity then you will not get the benefit of extra interest.
>> Under SBI Wecare Deposit, the benefit of higher interest will be available on both opening a new FD account or renewal of old FD.
>> This scheme of SBI is now open till 30 June 2021.
