The State Bank of India (SBI) had launched the Special Fixed Deposit Scheme for senior citizens during the COVID-19 pandemic. Which was named as SBI WECARE Senior Citizen Fixed Deposit Scheme. If you also come under the category of senior citizens and want to deposit your money under fixed deposit then you can take advantage of this scheme. Let us know about this plan.
SBI WECARE Scheme
SBI WECARE DEPOSIT is an exclusive scheme for senior citizens in the retail TD segment. In which, a special SBI WeCare Deposit has been introduced for Senior Citizens in the Retail TD segment, wherein Senior Citizens will be paid an additional premium of 30 bps on their Retail TD for 5 years.
Recently, the date of this scheme was extended further by the country’s largest bank. Earlier this scheme was till September 2020, but SBI has extended it till the end of March next year.
SBI’s special FD scheme for Senior Citizen Category Citizens – We Care – offers an additional 30 bps interest rate to senior citizens on their Fixed Deposits for tenures of 5 years and above. At present, SBI offers 5.4% interest rate on five-year FDs to the general public. But if a senior citizen makes a fixed deposit under the special FD scheme, then 6.20 percent interest rate will be applicable on the FD. These rates are effective from 8 January 2021.
These major banks also started special fixed deposit scheme
Apart from SBI, major banks like HDFC Bank, Bank of Baroda (BOB) and Axis also introduced special FD scheme for senior citizens.
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