The country’s largest government bank SBI (State Bank of India) has given a big gift to senior citizens. The bank has once again extended the deadline of the Special Fixed Deposit Scheme for senior citizens.
The country’s largest government bank SBI (State Bank of India) has given a big gift to senior citizens. The bank has once again extended the deadline of the Special Fixed Deposit Scheme for senior citizens, meaning that you can now take advantage of higher interest rates by June. The bank launched the Vicare Senior Citizen Scheme in May last year.
Let me tell you, now the date of this scheme has been increased from 31 March to 30 June 2021. According to the SBI website, the date of the scheme made for senior citizens has been extended for the third time.
Check how much interest will be received?
At present, ordinary citizens get 5.4 percent interest benefit for a period of five years. If a senior citizen takes FD under special FD scheme, then he gets 6.20 fee interest and you will get the benefit of higher interest till June 30.
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, senior citizens will get 0.80 per cent (0.50 +0.30) more interest than ordinary citizens on retail term deposits of more than five years.
What is the specialty of the scheme-
>> Any person 60 years or older 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 VCare deposit, the benefit of higher interest will be available on both opening of new FD account or renewal of old FD.
>> This scheme of SBI is now open till 30 June 2021.
