SBI WeCare deadline extended: What is the last day to invest in senior citizen special FD higher interest rate? The scheme is available on fresh deposit and renewal of maturing deposits
The State Bank of India (SBI) has extended the deadline for applying for SBIWeCare, which gives higher interest rates to the senior citizens for terms ranging from 5 to 10 years.SBI WeCare interest rate
The interest rate offered on SBI WeCare is 7.50%.
When is the last date to invest in SBI Wecare?
The scheme has been extended to March 31, 2024. The scheme is available on fresh deposit and renewal of maturing deposits.
SBI Senior citizen FD rates
SBI offers 0.50% higher interest rates to senior citizens, interest rates on regular fixed deposits vary between 3.50% and 7.50% for tenures ranging from 7 days to 10 years.
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.”
Special senior citizen FD with 7.5% interest rate: Last date to invest in ICICI Bank Golden Years FD
It should be noted that TDS is mandated by Income Tax Rules. The depositor may submit Form 15G/15H for exemption from tax deduction under IT Rules.
Other banks offer special FD for senior citizens
HDFC Bank Senior Citizen Care FD
The bank offers an additional premium of 0.25% over and above the existing premium of 0.50% for a tenure of 5 years 1 day to 10 years. The offer is valid up to November 7, 2023, according to the HDFC Bank website. HDFC Bank offers interest rate between 3.5% to 7.75% for senior citizens.
ICICI Bank Golden Years FD
The bank offers an additional premium of 0.10% over and above the existing premium of 0.50% for a tenure above 5 years. The interest rate offered under the scheme is 7.50%. The last date to invest is April 30, 2024. ICICI Bank offers interest rate for senior citizens between 3.5% to 7.65% for senior citizens. The highest interest rate of 7.65% is offered on 15 months to 2 years.
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This story originally appeared on: India Times - Author:Faqs of Insurances
