1 min read.Updated: 08 Jul 2020, 12:50 PM IST Edited By Sangeeta Ojha
SBI special fixed deposit (FD) for senior citizens is applicable for tenure of 5 years or more
State Bank of India gives 50 basis points (bps) extra to senior citizens on term deposits ranging from 7 days to 10 years
Fixed deposits (FDs) are the most preferred investment tool for senior citizens. FDs provide some extra benefits to the elderly such as higher interest rate and tax benefits. All major banks, including State Bank of India (SBI) and others give 50 basis points (bps) extra to senior citizens on term deposits ranging from 7 days to 10 years. To safeguard the interests of senior citizens in the current falling rate regime, country's top lender SBI had launched a special 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 bps interest to senior citizens on their FDs.
SBI special FD scheme for senior citizens: All you need to know