SBI Fixed Deposit scheme customised for the retired people aims at protecting the income of senior citizens by offering additional interest on Term Deposits.
SBI Alert! Fixed Deposit Scheme is one of the most popular investment tools for senior citizens. To focus on the senior citizens the State Bank of India (SBI) introduced a new Deposit Scheme “SBI WECARE.’ This SBI Fixed Deposit scheme customised for the retired people aims at protecting the income of senior citizens by offering additional interest on Term Deposits.
Under this new investment product, an additional 30 bps premium will be payable to senior citizens’ retail term deposits with “5 years & above” tenure only. This scheme would be in effect up to 30th September 2020. Thus, the effective rate of interest for Retail TDS of Senior Citizens will be 50 bps higher for Retail Term Deposit (TD) of ‘below 5 years’ tenure than the rate applicable for the general public (no change in premium).
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For Retail TD of ‘5 years & above’ tenure (new product) will be 80 bps higher than the rate applicable for the general public (30 bps extra premium). This additional premium will not be payable in case of premature withdrawal of such deposits.
SBI WE Care’ interest rate is as follows:
From 7 days to 45 days, the SBI We Care interest rate offered by SBI is 3.4 per cent, from 46 to 179, the interest rate offered is 4.4 per cent, from 180 to 210 days the interest rate offered to the senior citizens’s special FD product is 4.9 per cent while for period 211 days to one year, the interest rate is same 4.9 per cent. From one year to two year and two year to three year, the SBI WE Care interest rate is 5.6 per cent while for the interest rate offered on three years to five years is 5.8 per cent and five years to 10 years tenure interest rate is 6.2 per cent.
