New Delhi: The State Bank of India (SBI) has announced an extension of last date to apply for SBIWeCare, which offers higher interest rates to the elderly on tenures between 5 years to 10 years. It is a special FD schme for senior citizens and Amrit Kalash.
“SBI takes pride in its association with Senior Citizens and introduces a new Deposit Scheme “SBI WECARE’ protecting their income by offering additional interest on Term Deposits,” the bank said on its website.
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SBI WeCare interest rate
The interest rate offered on SBI WeCare is 7.50%.
Earlier, HDFC Bank extended special fixed deposits for senior citizens. The last date to invest in the Senior Citizen Care FD plan has been extended to July 7, 2023, as per the bank’s website.
SBI Amrit Kalash interest rate
According to the SBI website, this 400-day Amrit Kalash term deposit offers a rate of 7.1% for regular customers and 7.6% for senior citizens.
As per the SBI website, “The specific tenor scheme of “400 days” (Amrit Kalash) at Rate of Interest of 7.10 % w.e.f. 12- April- 2023. Senior Citizens are eligible for rate of interest of 7.60%.” This SBI special FD scheme also includes premature withdrawal and loan against deposit options.
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Last Dates for both the scheme
The last date to apply for SBIWeCare has been extended to September 30, 2023. The scheme is available on fresh deposits and renewal of maturing deposits. SBIWeCare offers an interest rate of 7.50 per cent.
SBI has also extended the validity of Amrit Kalash special fixed deposit (FD) scheme till August 15, 2023. The bank introduced this new scheme in February this year and was valid from February 15, 2023, through March 31, 2023.
Other banks’ special deposit schemes for seniors
HDFC Bank Senior Citizen Care FD
The bank offers an additional premium of 0.25% over and above the existing premium of 0.50% for a tenure of 5 years 1 day to 10 years. The offer is valid up to July 7, 2023, according to the HDFC Bank website. The interest rate offered is 7.75%.
ICICI Bank Golden Years FD
The bank offers an additional premium of 0.10% over and above the existing premium of 0.50% for a tenure above 5 years. The interest rate offered under the scheme is 7.50%.
