SBI Extends Last Date for Special Senior Citizen Fixed Deposit Scheme

The State Bank of India (SBI) has extended the deadline for senior individuals to invest in its special fixed deposit scheme. The deadline for investing in SBI WeCare has been extended until September 30, 2022, according to the bank.

“A special ” SBI Wecare” Deposit for Senior Citizens introduced in the Retail TD segment wherein an additional premium of 30 bps (over and above the existing 50 bps as detailed in the table) will be paid to Senior Citizen‘s on their retail TD for ‘5 Years and Above’ tenor only,” according to the SBI website. The “SBI Wecare” deposit scheme has been extended until September 30, 2022.

According to the scheme’s specifics on the SBI website, the scheme will earn 0.8 percent more than the general public’s interest rate. For example, the interest rate on a five-year fixed deposit for the general public is 5.50 percent as of February 15, 2022. If a senior citizen deposits money in a fixed deposit under the special FD plan, the interest rate is 6.30 percent.

In May 2020, the State Bank of India (SBI) launched the SBI ‘WECARE’ Senior Citizens‘ Term Deposit Programme. It’s a unique fixed deposit (FD) programme for senior adults.

In the current low interest rate environment, the plan was created to provide a higher interest rate to older citizens. Because this category of investors is typically reliant on interest income, the deadline has been extended to benefit senior persons. The credit has now been extended till September 20, 2022 by the bank.

Who can open SBI ‘WECARE’

Only resident senior people over the age of sixty are eligible to invest in this scheme. Because the scheme is a domestic term deposit, NRI elderly citizens are not eligible to invest.