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Home >Money >Personal Finance >SBI special FD scheme for senior citizens from tomorrow: Interest rate, details

State Bank of India (SBI) has launched a special fixed deposit (FD) scheme for senior citizens to help them get higher interest rate on their money. Known as SBI Wecare Deposit, the scheme provides an additional 30 basis points (bps) interest to senior citizens on their FDs. "To safeguard the interests of senior citizens in the current falling rate regime, the bank has introduced a new product 'SBI Wecare Deposit' for them in the retail term deposit segment," SBI said in a statement. Currently, SBI offers senior citizens’ an additional 50 bps interest rate across all tenors. With effect from tomorrow (12 May), SBI will give interest rate ranging from 3.80% to 6.50% to senior citizens on FDs maturing in 7 days to 10 years.

SBI special FD scheme for senior citizens from tomorrow: 5 things to know

1) SBI Wecare Deposit, a special FD scheme for senior citizens, has been introduced in the retail term deposit segment to safeguard the interests of senior citizens in the in the times of falling interest rates in the economy

2) Under this new product, an additional 30 basis points premium will be payable for senior citizen's retail term deposits with "5 Years & above" tenor only, it said.

3) SBI special FD scheme for senior citizens would be in effect up to 30 September.

4) "For retail term deposits of '5 years & above' tenor, SBI will give senior citizens 80 bps higher interest than the rate applicable for the general public.

5) Senior citizens opting for SBI Wecare Deposit FD will get an interest rate of 6.50% on scheme.

It may be noted that this additional interest will not be payable if you prematurely withdraw such deposits, SBI said.

SBI has also slashed FD interest rates by 20 bps with effect from 12 May. The bank also announced 15 basis points reduction in its MCLR across all tenor effective 10 May.

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