According to the SBI website, “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 as detailed in the above table) will be paid to Senior Citizen’s on their retail TD for ‘5 Years and above’ tenor only. “SBI Wecare” deposit scheme stands extended up to 31st March, 2023.”
SBI, in 2022, launched the special FD scheme “SBI WECARE” to secure senior citizens’ income by paying additional interest on term deposits. The scheme is offered for new deposits as well as the renewal of maturing accounts.
Features of the scheme
- Period of Deposit: Minimum- 5 years. Maximum- 10 years
- Interest Rate: Additional premium of 30 bps (over and above existing premium of 50 bps) over card rate for Public i.e. 80 bps over card rate for Public.
- Payment of Interest: Term Deposit – At monthly/ quarterly interval Special Term Deposit- On maturity Interest, net of TDS, shall be credited to Customer Account
- Loan Facility: Available.
Other banks offering special senior citizen FD schemes
There are many banks that have launched special FD schemes for senior citizens with attractive interest rates over the last two years. These include ICICI Bank, HDFC Bank etc.