SBI senior citizen scheme: SBI’s special fixed deposit scheme for senior citizens is known as ‘SBI We Care’.
SBI senior citizen scheme: The government has started many schemes for senior citizens during the Corona period. If you are also thinking of getting an FD in the name of your parents or an elder in the house, then you can invest in the Wecare Deposit Scheme of State Bank of India (SBI). This scheme is specially for senior citizens. In this you will get more interest than ordinary FD. Along with this, there are many benefits of this scheme. Let us know about it in detail.
Scheme for Senior Citizens
The country’s top banks such as State Bank of India (SBI), HDFC Bank, and ICICI Bank have fixed deposit (FD) schemes for senior citizens. Banks have started special FD scheme for senior citizens. In September, it has been announced to extend the scheme till March 2022.
State Bank Fixed Deposit Scheme
SBI’s special fixed deposit scheme for senior citizens is known as ‘SBI We Care’. SBI started this scheme on 12 May. Investment is made in this scheme for 5 years. The maximum amount that can be deposited in this scheme is Rs 2 crore.
In SBI’s new Wecare Deposit scheme, an additional 30 bps premium interest of 30 basis points will be available on deposits (FDs) of tenure of 5 years or more. This will be available only on the investment of senior citizens.
Interest on Term Deposit for Senior Citizens
Senior citizens will get 0.50% more interest on retail term deposits of less than 5 years as compared to ordinary people. At the same time, retail term deposits of more than 5 years will get 0.80% interest, which includes an additional 0.30%. Note that no additional interest will be paid on premature withdrawal
