SBI extends special term deposit scheme Wecare Senior Citizens FD till June 30
2 min read . Updated: 05 Apr 2023, 02:27 PM IST
Premium- India's largest public sector lender State Bank of India (SBI) has extended the validity period of its special term deposit scheme SBI Wecare FD scheme for senior citizens.
India's largest public sector lender State Bank of India (SBI) has extended the validity period of its special term deposit scheme "SBI Wecare FD" scheme for senior citizens. The SBI "WECARE" Senior Citizens' Term Deposit Program was launched in May 2020 with a September 2020 first end date. After multiple extensions, the programme was scheduled to expire on March 31, 2023, however SBI has once again extended the validity term until June 30, 2023.
“SBI takes pride in its association with Senior Citizens and introduces new Deposit Scheme “SBI WECARE’ protecting their income by offering additional interest on Term Deposits," said the lender on its website.
SBI said the purpose of “SBI WECARE’ senior citizens term deposit scheme is to protect income of senior citizens by providing additional interest on their term deposits. SBI has mentioned on its website that “This product is a variant of Term Deposits but instead of Interest being paid out at a regular frequency during the period of deposit; here it is paid out only at the time of maturity. Regular interest is added to the principal and compound interest calculated and paid thereon."
SBI Wecare FD scheme is especially for senior citizens only and the scheme comes with a tenor of 5 years to 10 years. In accordance with the plan, senior citizens receive an additional 50 basis points (bps) of premium over and above the existing 50 bps of premium available for them. Hence, senior citizens will get a total benefit of 1% higher than the standard rates under the SBI Wecare FD scheme. On domestic term deposits of less than ₹2 Cr maturing in 5 years to 10 years, SBI is offering an interest rate of 6.50% for the general public, however senior citizens will get an interest rate of 7.50% for a limited time period till June 30, 2023, under the SBI Wecare FD scheme.
SBI Wecare FD scheme can be opened via branch/ internet banking (INB)/ YONO and the scheme is available on fresh deposits and renewal of maturing deposits. SBI Wecare FD offers an interest payment option on maturity
On 15th February 2023, SBI hiked its interest rates on fixed deposits of less than ₹2 Cr, On term deposits maturing in 7 days to 10 years, the bank is offering interest rates ranging from 3% to 6.50% for the general public and 3.50% to 7.50% to senior citizens. On a deposit tenor of 3 to 10 years, SBI is offering a maximum interest rate of 6.50% for non-senior citizens whereas, under the Wecare FD scheme of 5 years to 10 years, SBI is promising a maximum interest rate of 7.50% for senior citizens.