SBI WeCare Fixed Deposit Scheme
State Bank of India (SBI) introduced a special SBI fixed deposit scheme for senior citizens called SBI 'WECARE' with the aim of protecting their income. The scheme was launched to provide a higher interest rate on term deposits to those above the age of 60 years during. The scheme has been extended till 30 June 2023.
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Senior citizens get an additional premium of 30 bps (over and above the existing 50 bps) and this will be paid to them on their retail TD for '5 Years and above' tenor.
Features and Benefits of SBI WECARE Deposit
The features and benefits of SBI WECARE are:
- Get additional interest of 0.80% on term deposits
- Avail interest payment on term deposits at monthly or quarterly intervals
- Can be availed through net banking, YONO app, and via branch
- Loan facility available
Maturity Period | Senior citizen FD interest rate (per annum) |
5 years to 10 years | 7.50% |
*The interest rates are subject to change as per the discretion of the bank. Rates with effect from 15 February 2023.
Who are eligible to open SBI WECARE Deposit
- The scheme is applicable to only senior citizens.
Minimum and Maximum Tenure of the Scheme
- The minimum and maximum tenure of the scheme is 5 years and 10 years respectively.
FAQs on SBI WECARE Deposit
- What is the rate of return offered by SBI under the scheme?
Senior citizens get an additional premium of 30 bps (over and above the existing 50 bps) and this will be paid to them on their retail TD for '5 Years and above' tenor.
- What is the maximum deposit amount under the scheme?
The scheme can be availed for deposits below Rs.2 crore.
- Will the additional premium be paid if I make premature withdrawal of the deposit amount?
In case, you make premature withdrawal of the deposit amount, the additional premium of 0.30% will not be paid.
- What is the penalty for premature withdrawal?
A penalty of 0.50% will be levied for premature withdrawal.
- When it comes to special term deposits, will interest payment be made at monthly and quarterly intervals?
Payment of interest with regard to special term deposits will be made only at the time of maturity of the fixed deposit.
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