SBI’s superhit scheme: This scheme of SBI gives higher returns to senior citizens than ordinary FDs. This scheme is going to close on 30 September. Know the details of this scheme here.
Senior citizens mostly prefer to invest in fixed deposits as they are not in a position to take risk at this age. They get fixed returns in FD. If you are looking for an option in terms of long term investment in FD, then you can also know about SBI’s WeCare Scheme (SBI WeCare Special FD). This scheme gives higher returns to senior citizens than normal FDs. But it is going to close on 30 September. Know about this scheme here.
Scheme giving 1 percent more interest to the elderly
SBI WeCare Special FD was launched with the aim of securing the money of senior citizens during Covid and in return giving higher returns with highest rate of interest. This is one of the schemes providing the highest interest rates on FD. The minimum investment tenure in this FD scheme is 5 years and the maximum tenure is 10 years.
Generally, senior citizens get a benefit of 50 basis points on FD in the bank, but on SBI WeCare FD, they get the benefit of additional 50 basis points. That means in this scheme the elderly get 1 percent more interest. At present, interest up to 7.50 percent is available on SBI’s WeCare Scheme. But if you want to invest in this scheme, then you will have to invest in it by 30th September.
These are also better options
Apart from Amrit Kalash, senior citizens can also take advantage of State Bank of India (SBI) fixed deposit (FD) scheme Amrit Kalash. In this scheme you have to invest for 400 days. In this, annual interest is being given to senior citizens at the rate of 7.60% and to others at the rate of 7.10%.
Senior Citizens Savings Scheme
Post Office Senior Citizens Savings Scheme is also a better option for senior citizens. In this, annual interest is being received at the rate of 8.2%. In this, any person aged 60 years or above can take advantage of this scheme by opening an account in the post office. Apart from this, a person taking VRS who is more than 55 years but less than 60 years can also open this account. You have to invest in this scheme for 5 years.
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