Amid the declining interest rates in the economy, the country’s largest bank started it to help senior citizens.
State Bank of India (SBI) has extended the duration of its Special Fixed Deposit Scheme for Senior Citizens. Now it can be invested till 31 December. Previously its deadline was kept on 30 September 2020. The bank launched this scheme in May. Its name is SBI VCare Senior Citizens Term Deposit.
Amid the declining interest rates in the economy, the country’s largest bank started it to help senior citizens. Under this product, the elderly get an additional interest of 0.30 per cent (above 0.50 per cent) on deposits of 5 years or more. This scheme will now continue till December 2020. If FD is broken before time, then it will not get additional interest.
The bank has stated on its website that it has been decided to extend the duration of ‘SBI Vcare’ deposit scheme for senior citizens. Now it will continue till 31 December 2020.
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Currently, SBI pays 0.50 percent more interest to senior citizens than others. In addition to this, 0.30 percent interest is being given to them under the new scheme. In this way, they can get 0.80 percent more interest on FD of 5 years or more.
senior citizens?
Senior citizens will get 0.80 per cent more interest in SBI’s Special FD scheme than the common people. At present, SBI’s interest rates for ordinary customers at five years FD are 5.4 per cent. If senior citizens invest their money under the special FD scheme, then they will get 6.20 percent interest on FD.
What will happen if I withdraw money from FD before time?
If the money is withdrawn from such FD before time, then 0.30 percent additional interest will not be available. In such a situation, if the FD is broken away prematurely under the scheme, then only 5.9 per cent, ie 0.50 per cent more than the common people will get interest.
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