State Bank of India (SBI), India’s largest lender, is offering a special fixed deposit (FD) scheme for senior citizens — SBI Wecare. The scheme, which offers higher interest rates on tenures between 5 years and 10 years, is ending on September 30. It was originally supposed to be closed on June 30, which was later extended for 3 months till September 30.
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According to SBI’s website, “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.”
It also says, “Additional premium of 50 bps (over and above existing premium of 50 bps) over card rate for public i.e., 100 bps over card rate for public.”
In 2022, SBI introduced the SBI Wecare special fixed deposit scheme for offering them higher interest on term deposits. This scheme is currently available for renewal of maturing deposits and fresh deposits.
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Key Features of SBI Wecare Senior Citizen Fixed Deposit Scheme
Duration of Deposit: The minimum and maximum investment tenures are 5 and 10 years.
Eligibility: Only senior citizens, over the age of 60, are eligible for this plan, which offers higher fixed deposit interest rates.
Interest Rate: The bank provides an extra premium of 50 basis points (bps) over the card rate for the general public, for a total premium of 100 basis points over the card rate for the general public. The interest rate offered on SBI Wecare is 7.50 per cent.
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SBI’s senior citizen fixed deposit rates: SBI is currently offering 0.50 per cent higher interest rates to senior citizens than the regular rates, while interest rates on conventional fixed deposits alter between 3.50 per cent and 7.50 per cent for tenure ranging from 7 days to 10 years.
Other banks offering special deposit schemes for seniors: The HDFC Special Senior Citizen Care Fixed Deposit offers an extra premium of 0.25 per cent interest rate. This premium is in addition to the 0.50 premium already provided to senior investors on FD accounts. As a result, investors in the Senior Citizen Care FD scheme earn 0.75 per cent higher interest than regular clients overall.
