SBI WeCare: Everyone saves some of their earnings and invests it in such a place where they get good returns. This savings is done especially with the aim of accumulating a huge fund after retirement, so that there is no financial problem in the future.
If you want to get risk free investment and better returns, then investing in FD i.e. Fixed Deposit would be a better option.
This is an even better option for senior citizens, as they generally go for safer investments. Along with the guarantee of security, the money also gets doubled.
SBI’s special schemes like WeCare are becoming very popular in this matter, in which 7.5 percent interest is offered to senior citizens.
Recently the deadline of this scheme has been extended to 31 March 2024. However, there is a formula to double the money invested.
According to maturity, SBI is giving 3-6.5 percent interest on FD to general customers and 3.5-7.5 percent to senior citizens.
If you fall in the category of senior citizen, then this scheme can provide you tremendous benefits and provide financial strength.
You will have to invest a lump sum amount of Rs 1 lakh in this FD scheme, on which you will get 7.5 percent annual interest.
In such a situation, when the FD made for 10 years matures, the interest you will get will be Rs 1,10,234, i.e. your total fund will become Rs 2,20,234, meaning the money will double.
