SBI Wecare deposit scheme (SBI special FDs): There is good news for the senior citizens who make fixed deposits in State Bank of India (SBI). Under the ‘SBI Wecare Deposit’ brought for senior citizens during the Kovid 19 epidemic, now the benefit of extra interest rate can be taken till 31 March 2022. SBI has given this information on its official website. SBI has extended the term of this scheme for the fifth time. This scheme was ending on 30 September.
Extra benefit will be available till March 2022
SBI had launched ‘SBI Wecare Deposit’ for senior citizens in May 2020. In this, senior citizens get an additional interest of 0.30 per cent over and above the rate of interest applicable to them, in case of retail term deposits of tenor of ‘5 years or more’. In this way, now senior citizens can get 0.80 per cent more interest in WeCare Deposit Scheme.
Senior citizens get more benefits
SBI pays 0.50 percent more interest on its term deposits i.e. FD than ordinary customers. For example, SBI is currently paying 5.40 percent interest annually on deposits of 5 years. In this, if the depositor is a senior citizen, then he will get 5.90 percent annual interest. At the same time, if the senior citizen has made an FD in the ‘WeCare Deposit’ scheme, then 0.30 percent extra interest will be available. In this way, senior citizens will get 6.20 per cent annual interest on FD of 5 years. These interest rates are applicable on retail term deposits i.e. deposits of less than Rs 2 crore.
Benefit on both renewal and new account
The benefit of extra interest received under SBI Wecare Deposit will be available both on opening new accounts and renewing the deposit. Keep in mind that if you withdraw prematurely, you will not get the benefit of the extra interest.
ICICI Bank also has benefits till October 7
Like SBI, ICICI Bank is also giving the benefit of extra interest on FD to senior citizens. Under ICICI Bank’s special offer for senior citizens ‘Golden Years FD’, FDs of ‘5 years 1 day to 10 years’ are paying 0.50 percent extra interest in addition to 0.30 percent extra interest. In this way, the total interest will be 0.80 percent more than the regular FD rate. These interest rates are on deposits of less than 2 crores. The benefit of this scheme can be taken till 7 October 2021.
HDFC Bank, BoB offer till 30 September
Private sector HDFC Bank and Bank of Baroda (BoB) are also offering higher interest on FDs to senior citizens under the special scheme. In this, HDFC Bank is paying 0.25 percent extra and BoB 0.50 percent extra interest. The duration of this special scheme of both the banks is till 30 September 2021.
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