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India's largest lender State Bank of India (SBI) has extended its special fixed deposit scheme for senior citizens 'SBI Wecare' till March 31, 2021. This is the second time this scheme has been extended.
In May 2020, SBI had announced this fixed deposit scheme 'SBI Wecare' for senior citizens, which was initially till September. In this current coronavirus pandemic scenario, this scheme was launched to provide higher interest rates to senior citizens.
The scheme which was due to end on December 31, has been extended till March 31, 2021.
SBI Wecare was launched in the retail term deposit segment wherein an additional premium of 30 bps was to be to Senior Citizens on their retail TD for five years and above tenor only.
Here are the latest interest rates of SBI's fixed deposit scheme for senior citizens 'SBI Wecare':
As compared to the general public, SBI special FD scheme for senior citizens will fetch 80 basis points (bps) interest rate. Currently, SBI offers 5.40 percent interest rate on five years FD for the general public and for senior citizens the bank offers 6.20 percent under the special FD scheme 'SBI Wecare'.
In case of premature withdrawal of such deposits, this additional interest i.e. 30 bps under the special scheme for senior citizens will not be payable. Your fixed deposit investment will fetch only 5.9 percent i.e. 50 bps above the general customers if you opt for premature withdrawal of a FD under the scheme.
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