Home / Money / Personal Finance /  SBI special fixed deposit scheme for senior citizens extended till March 2023

The State Bank of India (SBI) special fixed deposit scheme for senior citizens has been extended again. In May 2020, the country's top lender had announced SBI 'WECARE' Senior Citizens' Term Deposit scheme for senior citizens, which was initially till September 2020. But amid the Covid-19 pandemic, the special FD scheme was extended several times. The bank has further extended it to March-end next 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 31st March, 2023," 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 5.65% 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 6.45%. These rates are with effect from 8 January 2021.

SBI Utsav Deposit scheme

In celebration of the country's 76th Independence Day, the country's largest lender had unveiled a limited edition brand-new term deposit programme called "Utsav Deposit". Starting on August 15, 2022, this fixed deposit will give a 6.1 per cent interest rate. This deal is only available for 75 days, or until October 30, 2022.

SBI fixed deposit (FD)latest interest rates

For fixed deposits with terms between 7 days and 10 years, SBI offers interest rates ranging from 2.90% to 5.65% to regular citizens and 3.40% to 6.45% to senior citizens. These rates were last revised on 13 August 2022.

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