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. While the scheme was initially effective till the month of September 2020, it has now been extended till June 2021.
Under the scheme, additional interest of 0.30 percent over and above 0.50 percent will be paid to senior citizens on their retail term deposits having a tenure of 5 years and above. The scheme is available on both fresh deposits and renewal of maturity deposits.
The features and benefits of SBI WECARE are:
Currently, SBI offers general citizens an interest of 5.40% p.a. on a term deposit having a tenure between 5 years and 10 years. Under the WECARE scheme, senior citizens will be offered a rate of return of 6.20% p.a.
The scheme can be availed for deposits below Rs.2 crore.
In case, you make premature withdrawal of the deposit amount, the additional premium of 0.30% will not be paid.
A penalty of 0.50% will be levied for premature withdrawal.
Payment of interest with regard to special term deposits will be made only at the time of maturity of the fixed deposit.
Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.