The special ‘WECARE’ Senior Citizens’ Term Deposit fixed deposit scheme of State Bank of India (SBI) for senior citizens has been extended for the third time.
The bank has extended the deadline of the scheme for the third time. Initially the deadline was till September 2020, but later it was extended till December- end. Now it has been again extended till 31 March 2021. Besides, the special FD scheme has been extended by three months, till 30 June.
The special fixed deposit scheme was launched to provide a higher interest rate to senior citizens amid the COVID-19 pandemic.
Announcing the new extended date, SBI wrote on its website, “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 30 June 2021.”
SBI special FD scheme Interest rates for senior citizens
The special fixed deposit scheme of SBI for senior citizens will get a 80 basis points (bps) interest rate above the rate applicable to the general public.
Currently, SBI gives 5.4% interest rate on a five years FD for the general public. But the senior citizen will get 6.20% interest rate when they put a fixed deposit under the special FD scheme of SBI.
SBI latest FD interest rates for the general public
The general SBI customers who have FDs between 7 days to 10 years get 2.9% to 5.4% interest rate whereas the senior citizens will get 50 basis points (bps) extra on these fixed deposits. SBI had last revised its Fixed Deposit rates on 8th January 2021.