The clock is ticking as the final month for applications to the State Bank of India‘s (SBI) special senior citizen savings scheme, also known as SBI WeCare, draws near.
This SBI fixed deposit (FD) scheme is tailored to cater to the financial well-being of the senior citizens which aims to offer them higher interest rates on deposits ranging from 5 to 10 years.
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Unveiled back in 2020, the SBI WeCare initiative has been a beacon of financial security for the senior citizens, safeguarding their income by providing them additional interest on their term deposits. However, the window of opportunity is rapidly closing, with the last date for applications set at September 30, 2023.
SBI WeCare Interest Rates
If you’re wondering about the attractive interest rates on offer, the SBI website declares, “Benefit from an additional premium of 50SBI WeCare Interest Rates basis points (in addition to the existing premium of 50 basis points) above the card rate for the general public. That’s a total of 100 basis points above the card rate for our esteemed senior citizens.”
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Don’t miss out on securing your financial future. Apply for the SBI WeCare scheme today before it’s too late!
The special scheme has been extended by the State Bank of India until September 30, 2023, and it applies to both new deposits and the renewal of existing maturing deposits.
The senior citizens can enjoy a 0.50 per cent higher interest rate, while regular fixed deposit interest rates range from 3.50 per cent to 7.50 per cent for periods spanning 7 days to 10 years, offered by SBI.
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Presently, SBI extends a 6.5 per cent interest rate to deposits from the general public for durations spanning 5 to 10 years. Senior citizens enjoy an added 0.5 per cent interest boost. Due to the additional 0.5 per cent interest rate offered through the WECARE scheme, senior citizens now qualify for a 7.5 per cent interest rate on deposits held for 5 to 10 years with SBI.
