SBI’s WECARE fixed deposit scheme offering over 2x returns for senior citizens nearing end

In a bid to safeguard the financial well-being of senior citizens, the State Bank of India (SBI) introduced its ‘WECARE’ fixed deposit scheme in the midst of the pandemic on May 12, 2020. This innovative offering has provided senior citizens with a lucrative opportunity to earn substantial returns on their long-term deposits spanning 5 to 10 years.

However, time is running out for potential investors, as the scheme’s last date for availing the additional interest benefit is fast approaching. The last date for availing it is September 30, 2023.

The ‘WECARE’ scheme, an acronym for “We Care for Senior Citizens,” has been designed with the primary objective of fortifying the financial security of elderly depositors. It offers an exceptional “additional premium of 50 basis points (bps) over and above the existing premium of 50 bps” over the card rate for the general public, translating to an enticing 100 bps over the card rate for senior citizens, as per information available on the official SBI website.

This additional interest benefit is applicable to fresh deposits and the renewal of maturing deposits, provided they have a minimum tenure of 5 years and a maximum of 10 years.

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As per the prevailing terms, SBI currently offers a 6.5% interest rate on deposits by the general public for tenures ranging from 5 to 10 years. Senior citizens are entitled to an additional 0.5% interest. However, with the ‘WECARE’ scheme’s additional 0.5% interest rate, senior citizens can enjoy a substantial 7.5% interest on their deposits within the 5 to 10-year range at SBI.

Calculations demonstrate that this boosted interest rate has the potential to more than double the invested amount for senior citizens in just 10 years. For instance, if a senior citizen invests Rs 1 lakh in SBI’s 10-year Fixed Deposit under the ‘WECARE’ scheme, the return after a decade would approximate over Rs 2.10 lakh. Without the benefit of ‘WECARE,’ the return for the same investment period would amount to just around Rs 2 lakh.

This scheme’s imminent closure has created a sense of urgency among senior citizens and potential investors who seek to maximize their returns on fixed deposits. Senior citizens are advised to take advantage of this exclusive opportunity before September 30, 2023, to secure their financial future.

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