Looking at Corona, a scheme was started last year. The aim was to provide more interest to the senior citizens on FD.
Special Bank Fixed Deposit, Special FD Schemes: Many schemes are run by the banks for the elderly, but they also have many benefits of Special Senior Citizen Fixed Deposit (FD). Through this scheme, the elderly get extra interest on fixed deposits. That is to say, after investing as an FD, you can take advantage of extra interest in addition to the normal. Let’s know the details of the scheme.
Actually, a scheme was started last year in view of Corona. The aim was to provide more interest to the senior citizens on FD. The scheme expired in the last March, but recently banks have given a chance to join once again by June 30. This means that if the elders of the house are not yet associated with this scheme, then there is another opportunity for you.
What is the specialty of the scheme : The biggest thing about this scheme is the interest rate. Last year, most banks in the country, including SBI, launched the scheme under a different name. The scheme of SBI is named SBI We Care. Under this, in the case of deposits of 5 years or more, senior citizens are being given an additional interest of 0.30 per cent over the interest rate applicable to them.
In general, SBI offers senior citizens an additional interest of 0.50 per cent on FD, in excess of the regular interest rate fixed for others. That is, senior citizens can get extra interest by adding this 0.50 per cent and an additional 0.30 per cent interest rate.
This interest is applicable to deposits of less than Rs 2 crore. Let us tell you here that at this time the elderly in SBI are getting interest ranging from 3.40% to 6.20% per annum on FD.
Special features of the scheme: Let us tell you that only anyone 60 years or older can join this scheme. At the same time, the scheme is for a period of 5 years or more. If you withdraw before the maturity period, you will not get the benefit of extra interest. According to SBI, this scheme will be available on renewal of old FD in addition to new FD
