SBI Wecare Senior Citizen FD scheme last date extended by three months
The State Bank of India (SBI) has once more extended its senior citizens' special fixed deposit program. The SBI "WECARE" Senior Citizens' Term Deposit program was introduced in May 2020, with an initial maturity date of September 2020. Yet, the unique FD program was repeatedly extended and has now been extended by the bank June 30, 2023.According to the SBI website, “SBI takes pride in its association with Senior Citizens and introduces new Deposit Scheme "SBI WECARE' protecting their income by offering additional interest on Term Deposits.”
Also read:Senior Citizen Savings Scheme, Sukanya Samriddhi, NSC interest rates hiked by up to 70 bps for June 2023 quarter
SBI WE care interest rates
According to the SBI website, “Additional premium of 50 bps (over and above existing premium of 50 bps) over card rate for Public i.e., 100 bps over card rate for Public.”
The interest rate offered under the scheme is 7.50 percent for tenure ranging from 5 years to 10 years.
The main aim of this FD scheme is protecting income of senior citizens by providing additional interest on their term deposits. This FD can be booked by visiting branch, using net banking, or YONO app.
Payment of Interest
For term deposit, interest is paid at monthly, quarterly interval. Special Term Deposit interest, on maturity Interest, net of TDS, will be credited to customer account.
A scheme is offered for both new deposits and renewals of deposits that have reached maturity.
SBI FD latest interest rates
SBI offers interest rates between 3.50 percent and 7.50 percent for tenure ranging between 7 days to 10 years for amounts below Rs 2 crore.
Senior Citizen FD rates
TenorsRates w.e.f. 15/02/20237 days to 45 days3.546 days to 179 days5180 days to 210 days5.75211 days to less than 1 year6.251 Year to less than 2 years7.32 years to less than 3 years7.53 years to less than 5 years75 years and up to 10 years7.50@
Loan
SBI bank customers can avail loan under this FD scheme.
TDS
Tax Deducted at Source rate will be applicable as per Income Tax Act
SBI Sarvottam deposits
The State Bank of India (SBI) depositors will get higher interest rates than regular fixed deposits. Senior citizens will earn an interest rate of 7.9 per cent for deposits maturing in two years. For one year tenure, they will get an interest rate of 7.6 per cent in the bank.
Other banks
ICICI Bank special deposit will end on April 7, 2023. HDFC Bank and IDBI Bank have not updated anything related to the special deposit scheme offered to senior citizens.
Don’t miss out on ET Prime stories! Get your daily dose of business updates on WhatsApp. click here!
This story originally appeared on: India Times - Author:Faqs of Insurances
