SBI ‘WECARE’ Deposit Scheme Extended Till June: Check Details Here

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Investment

oi-Vipul Das

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For the third time, the State Bank of India’s (SBI) special fixed deposit scheme for senior citizens has been extended. SBI ‘WECARE’ Senior Citizens’ Term Deposit scheme for senior citizens was unveiled in May by the country’s top lender, with an initial term until September. The scheme was extended until the end of December for the first time, and then again until March 31, 2021. During the coronavirus pandemic, a special FD scheme was initiated to offer senior citizens with a higher interest rate of 30 bps (over & above the existing 50 bps) for a tenure of 5 Years and above only. But as per the recent update by the bank the scheme is again extended for another three months, until June 30, 2021.

SBI ‘WECARE’ Deposit Scheme Extended Till June: Check Details Here

SBI FD Rates For Senior Citizens

The interest rate on SBI’s special FD scheme for senior citizens will be 80 basis points (bps) higher than the general public rate. SBI currently offers a 5.4 percent interest rate on five-year fixed deposits to the general public. But, under the special FD scheme senior citizens will get an interest rate of 6.20 percent respectively.

Tenure ROI in % for amount less than Rs 2 Cr
7 days to 45 days 3.4
46 days to 179 days 4.4
180 days to 210 days 4.9
211 days to less than 1 year 4.9
1 year to less than 2 year 5.5
2 years to less than 3 years 5.6
3 years to less than 5 years 5.8
5 years and up to 10 years 6.2

SBI FD Rates For Non-Senior Citizens

General customers will receive 2.9 percent to 5.4 percent deposits maturing between 7 days to 10 years. Senior citizens can get an additional 50 basis points (bps) on these deposits. The latest SBI FD rates are in effect from January 2021.

Tenure ROI in % for amount less than Rs 2 Cr
7 days to 45 days 2.9
46 days to 179 days 3.9
180 days to 210 days 4.4
211 days to less than 1 year 4.4
1 year to less than 2 year 5.0
2 years to less than 3 years 5.1
3 years to less than 5 years 5.3
5 years and up to 10 years 5.4

Note

If you have an SBI account, you can open an e-fixed deposit with a single click on the online banking portal of SBI. Customers of SBI can select from a variety of FD options to open the one that better reflects their requirements. SBI allows you to open a ‘e-TDR/e-STDR (FD)’ with an initial deposit of Rs 1,000 only. Click here to know how to open an SBI fixed deposit account online.





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