SBI Wecare FD Scheme: If you do not have any permanent source of income after the age of 60, then there is no need to panic. Today we are going to talk about a fixed deposit (FD) scheme which is specially designed for senior citizens. Through this scheme, you can ensure regular income of up to ₹ 50,000 every month, that too without any risk. This scheme of State Bank of India (SBI) has emerged as a great option for the elderly.
What is SBI’s unique ‘WeCare FD Scheme?
SBI’s WeCare FD scheme is a special fixed deposit scheme for senior citizens, in which more interest is given than normal FD. This scheme is beneficial for those who want a guaranteed income every month after their retirement.
Key features of the scheme:
- Age limit: People aged 60 years and above
- Interest rate: Around 0.50% to 1% higher than normal FDs
- Minimum investment: Starting from ₹1,000
- Tenure: Lock-in period up to 5 years
- Payment options: Monthly, quarterly, half-yearly or yearly
WeCare FD Scheme: How much will you earn if you deposit ₹10 lakh in FD?
Let’s understand with an example. Suppose you have deposited ₹10 lakh in SBI’s WeCare FD scheme, and the interest rate is 7.50% per annum. If you want monthly pension-like income, you will get interest on a monthly basis.
Possible monthly earning table (on FD of ₹10 lakh):
| investment amount | Rate of Interest (Annual) | Interest (Annual) | Monthly Income |
|---|---|---|---|
| ₹10 lakh | 7.50% | ₹75,000 | ₹6,250 |
| ₹20 lakh | 7.50% | ₹1,50,000 | ₹12,500 |
| ₹40 lakh | 7.50% | ₹3,00,000 | ₹25,000 |
| ₹60 lakh | 7.50% | ₹4,50,000 | ₹37,500 |
| ₹80 lakh | 7.50% | ₹6,00,000 | ₹50,000 |
It is clear from this table that by making an FD of ₹ 80 lakh, you can earn up to ₹ 50,000 every month.
Real life example: Ram Kishore ji’s story
Ram Kishore ji, who lives in Delhi, has recently retired from the railways. He invested ₹ 40 lakh from his retirement fund in SBI’s WeCare FD. He is earning a monthly income of ₹ 25,000 every month, which is comfortably meeting his electricity bill, grocery, medical expenses and other small needs. He was afraid of risky investments like stock market, so he thought FD was better.
Why choose SBI’s FD scheme?
Benefits that make your life easier:
- Government-backed bank: SBI is a public sector bank, which people have been trusting for years.
- Risk-free investment: No effect of market fluctuations.
- Regular income: Relief in expenses due to fixed income every month.
- Automatic transfer: Money comes into your savings account every month.
Who can invest?
- All senior citizens (above 60 years)
- Those who have PAN card and Aadhar card
- Those who have a savings account in SBI
How to apply?
Investing in SBI FD is very easy. You can do this work both online and offline.
Online method:
- Login to SBI’s internet banking or YONO app
- Go to the “Fixed Deposit” section
- Select “Senior Citizen WeCare” scheme
- Choose the amount, period and method of receiving interest
- Submit and confirm
Offline method:
- Go to the nearest SBI branch
- Fill the FD form
- Carry identity card, age certificate with you
- Submit the form and take the receipt
Also pay attention to tax
The interest received on FD is taxable, but if your income does not fall in the tax slab, then you can avoid TDS by filling Form 15H. For this, it is necessary to submit the form to the bank on time.
Is this scheme beneficial for everyone?
Everyone’s financial situation and needs are different. But for those who want a permanent income every month and who do not want to take any risk, this scheme is very beneficial for them.
Who should choose this scheme:
- Retired elderly who do not have a pension
- People who are afraid of the stock market or mutual funds
- Who need a fixed income for their monthly needs
A right step for a secure future
SBI’s WeCare FD scheme is not just an investment but a means to make life self-reliant and respectable after retirement. I myself chose this scheme for my father and now he is getting an income of ₹ 15,000 every month. Due to this, he does not have to depend on anyone for his small expenses.
If you or the elderly in your house are currently looking for a scheme that is safe and also gives regular income, then this scheme of SBI is perfect for you. Contact your nearest branch or apply online today and plan your retirement without any tension.
Note: This article is for information purposes only. Please consult your financial advisor before investing.
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