SBI extended this special fixed deposit scheme for senior citizens. Details here

Published on Sep 19, 2022 12:00 PM IST

In May 2020, the State Bank of India had announced the scheme for senior citizens during the first wave of Covid-19 pandemic. The scheme was supposed to be till September that year, was extended several times.

The State Bank of India has extended the special fixed deposit scheme for senior citizens.(File photo)
The State Bank of India has extended the special fixed deposit scheme for senior citizens.(File photo)

The State Bank of India has extended the special fixed deposit scheme ‘SBI Wecare’ for senior citizens till March 31 next year.

"A special “ SBI Wecare” Deposit for Senior Citizens introduced in the Retail TD segment wherein an additional premium of 30 bps (over & above the existing 50 bps as detailed in the above table) will be paid to Senior Citizen’s on their retail TD for '5 Years and above' tenor only. “SBI Wecare” deposit scheme stands extended upto 31st March, 2023”, the top money lender wrote on its official website.

In May 2020, the State Bank of India had announced the scheme for senior citizens during the first wave of Covid-19 pandemic. The scheme was supposed to be till September that year, was extended several times. SBI Wecares offers an additional 30 basis points interest rate to the senior citizens on their fixed deposits for five years and more, Hindustan Times' business website Livemint reported.

Currently, SBI provides a 5.65 per cent on a fixed deposit of five years for the general public. If a senior citizens starts a fixed deposit under the special scheme, then the interest rate will be 6.45 per cent. The rates are effective from January 8, 2021.

The State Bank of India has also introduced an ‘UTSAV’ deposit scheme to mark India's 76th year of independence. The scheme is available from August 15, 2022 to October 28, 2022. The deposit will give an interest rate of 6.1 per cent. The senior citizens, staff and staff pensioners are eligible for the additional interest rate are applicable to them.

According to report, the SBI offers an interest rates ranging from 2.90 per cent to 5.65 per cent for the fixed deposits between seven days and ten years. It offers interest rates of 3.40 per cent to 6.45 per cent to the senior citizens between the same period.

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