Due to the Corona epidemic, the country’s largest bank State Bank of India (SBI) has launched a special fixed deposit scheme for senior citizens. Under this scheme, senior citizens will get more interest on FDs of five years or more. The name of this special FD is SBI Wecare. In this scheme of SBI, senior citizens are being given interest up to 30 basis points. At present SBI gives interest up to 50 basic points to senior citizens on any type of term deposit. In this, 30 basic points were added on FD. In this way, on making an FD on the new scheme for five years or more, senior citizens will get a total of 80 basic points. SBI Wecare special FD scheme has been extended till 30 September 2021. That is, by September 30, if senior citizens open an FD in SBI, they will get an interest of 6.20 percent with 80 basic points. The new interest rates are applicable from 8 January 2021.
Key Features of SBI Wecare FD Scheme
- Senior citizens of the age of 60 years and above can take advantage of this scheme.
- Under the new scheme, senior citizens will get this facility on FD of five years or more.
- Interest will be given under this scheme on new deposits as well as new term deposits.
- The new We Care scheme will end after 30 September 2021.
- SBI is offering interest up to 80 basic points to senior citizens on deposits.
- If a senior citizen takes an FD under the new scheme, then they will be given interest up to 6.2 percent.
- If a senior citizen withdraws money before five years, he will not get an additional 30 points.
- Under the new scheme, 80 basic points will be given on deposits up to a maximum of Rs 2 crore in the bank.
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