1 min read.Updated: 13 Dec 2020, 01:44 PM IST Edited By Sangeeta Ojha
SBI special FD scheme for senior citizens will be available till March-end
SBI special FD scheme for senior citizens will fetch 80 bps interest rate above the rate applicable to the general public
State Bank of India (SBI) special fixed deposit scheme for senior citizens has been extended for the second time. In May, the country's top lender had announced SBI 'WECARE' Senior Citizens' Term Deposit scheme for senior citizens, which was initially till September. The scheme was launched to provide a higher interest rate to senior citizens in the current pandemic time. The special FD scheme for senior citizens will be available till March-end. Earlier the bank had announced that the scheme will be valid till 31st December.
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) 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, 2021," SBI mentioned on its website.
SBI special FD scheme for senior citizens: Latest interest rates
SBI special FD scheme for senior citizens will fetch 80 basis points (bps) interest rate above the rate applicable to the general public. At present, SBI gives 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 interest rate applicable to the FD will be 6.20%. This additional interest i.e. 30 bps under the special scheme for senior citizens will not be payable in case of premature withdrawal of such deposits. Therefore, if you opt for premature withdrawal of a FD under the scheme, your fixed deposit investment will fetch only 5.9% i.e. 50 bps above the general customers.
SBI latest FD interest rates (below ₹2 crore) for general public
SBI FDs between 7 days to 10 years will give 2.9% to 5.4% to general customers. Senior citizens will get 50 basis points (bps) extra on these deposits. SBI had last revised its FD rates on 10 September.