SBI special FD scheme for senior citizens will fetch 80 basis points (bps) interest rate above the rate applicable to the general public
The State Bank of India (SBI) special fixed deposit scheme for senior citizens has been extended for the third time. In May, the country's top lender had announced SBI 'WECARE' Senior Citizens' Term Deposit scheme for senior citizens, which was initially till September. The scheme was further extended till December-end which was again extended till 31 March 2021.
The special FD scheme was launched to provide a higher interest rate to senior citizens amid the coronavirus pandemic. The bank has further extended the special FD scheme by three months till 30 June.
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"A special SBI Wecare Deposit for Senior Citizens introduced in the Retail TD segment wherein an additional premium of 30 bps (over & above the existing 50 bps) will be paid to Senior Citizen’s on their retail TD for '5 Years and above' tenor only. "SBI Wecare" deposit scheme stands extended till 30 June 2021," SBI mentioned on its website.
SBI special FD scheme for senior citizens: Latest interest rates
SBI special FD scheme for senior citizens will fetch 80 basis points (bps) interest rate above the rate applicable to the general public. At present, SBI gives a 5.4% interest rate on five years FD for the general public. If a senior citizen puts a fixed deposit under the special FD scheme, then the interest rate applicable to the FD will be 6.20%.
SBI latest FD interest rates (below ₹2 crore) for the general public
SBI FDs between 7 days to 10 years will give 2.9% to 5.4% to general customers. Senior citizens will get 50 basis points (bps) extra on these deposits. SBI had last revised its FD rates on 8 January 2021.
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