Home / Industry / Banking /  SBI special fixed deposit(FD) scheme for senior citizens extended till September 2022. Details here

The country's largest lender State Bank of India (SBI) has once again extended the special deposit scheme for senior citizens. The special fixed deposit scheme was launched in May 2020, SBI 'WECARE' Senior Citizens' Term Deposit scheme for senior citizens, which was initially applicable till September 2020. But amid the Covid-19 pandemic, the special FD scheme was extended several times. The bank has further extended it to September-end this year.

"A special “SBI Wecare" Deposit for Senior Citizens introduced in the Retail TD segment wherein an additional premium of 30 bps (over & above the existing 50 bps as detailed in the above table) will be paid to Senior Citizen’s on their retail TD for '5 Years and above' tenor only. “SBI Wecare" deposit scheme stands extended upto 30th September, 2022,"SBI mentioned on its website.

The interest rate payable to SBI Staff and SBI pensioners will be 1.00% above the applicable rate. The rate applicable to all Senior Citizens and SBI Pensioners of age 60 years and above will be 0.50% above the rate payable for all tenors to resident Indian senior citizens i.e. SBI resident Indian Senior Citizen Pensioners will get both the benefits of Staff (1%) and resident Indian Senior Citizens (0.50%)," SBI mentioned on its website.

SBI special FD scheme for senior citizens: Latest interest rates

SBI special FD scheme for senior citizens -We Care -offers an additional 30 bps interest rate to the senior citizens on their FD for the tenor of 5 years and more. At present, SBI gives a 5.5% interest rate on five years FD for the general public. If a senior citizen puts a fixed deposit under the special FD scheme, then the interest rate applicable to the FD will be 6.30%. These rates are with effect from 15 February 2022.

 (SBI) has increased interest rates on fixed deposits (FDs) by up to 15 basis points or 0.15 per cent with effect from February 15, 2022.

The interest rate on FD for tenure from three years to less than five years has been increased to 5.45 per cent from 5.30 per cent. For senior citizens, the rate has been increased to 5.95 per cent from 5.80 per cent, according to the information put on the SBI website.

The interest rate on FD for tenure two years to less than three years has been increased by 10 basis points to 5.20 per cent from the earlier 5.10 per cent. For the senior citizens, the rate has been increased to 5.70 per cent from the earlier 5.60 per cent.

For five years to 10 years tenure, the interest rate has been increased to 5.50 per cent from the earlier 5.40 per cent. For senior citizens, the rate has been increased to 6.30 per cent from 6.20 per cent.

These rates are applicable for FDs worth less than 2 crore. SBI has left the interest rates on FDs for tenure up to two years unchanged.

Catch all the Industry News, Banking News and Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Recommended For You
Get alerts on WhatsApp
Set Preferences My ReadsWatchlistFeedbackRedeem a Gift CardLogout