New Delhi: Fixed Deposits (FDs) are widely regarded as a secure method to deposit funds, providing advantages such as tax savings and other benefits.
The interest rate on an FD remains constant throughout the duration of the investment, thereby outpacing inflation.
In addition, many fixed deposit schemes offer higher interest rates than regular savings account schemes.
The State Bank of India (SBI), which is the biggest bank in India, has once again extended the duration of the Special Fixed Deposit (FD) Scheme for senior citizens.
The SBI Wecare Senior Citizen FD Scheme has been granted a further three-month extension.
Extension Date
The SBI Wecare Senior Citizen FD Scheme will now be available for subscription till June 30, 2023.
Scheme & Maturity Details
The SBI Wecare Senior Citizen FD Scheme, which was introduced in May 2020 with an original maturity date of September 2020, has been granted multiple extensions by the State Bank of India (SBI).
The Special FD Scheme was launched with the objective of safeguarding the income of senior citizens by offering them additional interest on their Term Deposits.
The SBI Wecare Senior Citizen FD Scheme can be availed through various channels, including branches, INB (Internet Banking), or via the YONO (You Only Need One) app.
Scheme Type & Tenure
Senior citizens will receive an additional premium of 30 basis points (bps) in addition to the existing premium of 50 bps, resulting in a total premium of 80 bps over the card rate for the general public.
Interest payments for the Term Deposit will be made at monthly or quarterly intervals, while for the Special Term Deposit,
the interest, net of Tax Deducted at Source (TDS), will be credited to the customer’s account upon maturity.
SBI had mentioned the following Revision in Interest Rates on Retail Domestic Term Deposits (Below Rs. 2 crore) w.e.f. 15.02.2023
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Senior citizens will receive an additional premium of 30 basis points (bps) in addition to the existing premium of 50 bps, resulting in a total premium of 80 bps over the card rate for the general public.
