The country’s largest bank State Bank of India (SBI) has extended the last date for investing in the Special Fixed Deposit Scheme for Senior Citizens. The bank has extended the deadline for investing in SBI Wecare till 30 September 2022.
State Bank Of India (SBI)
Country’s largest bank State Bank of India ,SBI, the senior citizens (Senior Citizen) Special Fixed Deposit for (FD) The last date to invest in the scheme has been extended. The bank has extended the deadline for investing in SBI Wecare till 30 September 2022. According to SBI’s website, there is a special SBI WeCare (SBI) for senior citizens in the retail term deposit segment.SBI WECARE) Deposit was launched wherein senior citizens would have to pay an additional 30 basis points in addition to the existing 50 basis points for tenures of 5 years and above on their retail FDs. According to the bank, the SBI Wecare Deposit Scheme has been extended till 30 September 2022.
According to the information available on the SBI website, the scheme will get an interest of 0.8 percent over and above the interest rate applicable to the general public. For example, from February 15, 2022, fixed deposits with a tenure of five years will attract an interest rate of 5.50 per cent for the general public.
If a senior citizen puts money in a fixed deposit under the Special FD Scheme, the rate of interest applicable on the FD will be 6.30 per cent.
The scheme was launched in May 2020
State Bank of India i.e. SBI introduced SBI Wecare Term Deposit plan in May 2020. This is a special fixed deposit (FD) scheme for senior citizens. The scheme was launched to provide higher rate of interest to senior citizens in the current low interest rate environment.
This class of investors is generally dependent on interest income, hence the date was extended for the benefit of senior citizens. Now this facility was extended by the bank till 20 September 2022.
Who can invest?
In this special FD scheme of SBI, any resident senior citizen above 60 years of age is eligible to invest in this scheme. Since the scheme is a domestic term deposit scheme, NRIs are not eligible to invest in the Senior Citizen Scheme.
Let us tell you that under this scheme, interest on FD is paid at monthly or quarterly intervals. Interest is credited to the customer’s account. The benefit of this scheme can be taken through net banking, YONO app or through the branch of the app. Loan facility is also available in the scheme. TDS on the amount deposited in the scheme will remain at the appropriate rate under the Income Tax Act. The scheme is available on fresh deposits and renewal of maturing deposits.