• 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. 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.

    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

    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

    1. What is the rate of return offered by SBI under the scheme?

      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.

    2. What is the maximum deposit amount under the scheme?

      The scheme can be availed for deposits below Rs.2 crore.

    3. 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.

    4. What is the penalty for premature withdrawal?

      A penalty of 0.50% will be levied for premature withdrawal.

    5. 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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