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The State Bank of India (SBI) had launched a special fixed deposit scheme for senior citizens called, ‘SBI WECARE Senior Citizens’ Term Deposit Scheme, amid the Covid-19 pandemic in May 2020. , “A special SBI Wecare Deposit for Senior Citizens introduced in the Retail TD segment wherein an additional interest of 30 bps (over and above the existing 50 bps) will be paid to Senior Citizen’s on their retail TD for ‘5 Years and above’ tenor only. “SBI Wecare" deposit scheme stands extended till 31st March 2022," SBI mentioned on its website.

SBI ‘WECARE’ Senior Citizens’ Term Deposit

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 5.4% 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 6.20%. These rates are with effect from 8 January 2021. In case you decide to opt for a premature withdrawal of the deposits, the additional premium may not be paid and you may also have to pay a penalty that amounts to around 0.50 per cent.

SBI ‘WECARE’ Senior Citizens’ Term Deposit latest interest rates effective 8 January 2021

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 years -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%

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