SBI’s special FD plan for seniors runs through March 31. Details here

The State Bank of India (SBI) special fixed deposit scheme for seniors has been extended for the second time. In May, the nation’s top lender had announced SBI’s ‘WECARE’ Senior Term Deposit Plan for Seniors, which initially ran through September. The plan was launched to provide a higher interest rate to seniors at the current time of the pandemic. The special FD scheme for seniors will be available until the end of March. Previously, the bank had announced that the plan will be valid until December 31.

A special deposit “SBI Wecare” for seniors was introduced in the retail TD segment in which an additional premium of 30 bps (on top of the existing 50 bps) will be paid to senior citizens in their Retail TD for ‘5 years and more’ term The ‘SBI Wecare’ deposit scheme runs until March 31, 2021, “SBI mentioned on its website.

SBI Special FD Scheme for Seniors – Latest Interest Rates

SBI’s special FD program for seniors will reach an interest rate of 80 basis points (bps) above the rate applicable to the general public. Currently, SBI grants an interest rate of 5.4% on five years of DF to the general public. If an older person deposits a fixed deposit under the special FD regime, the interest rate applicable to the FD will be 6.20%. This additional interest, that is, 30 bp of the special regime for the elderly, will not be payable in the event of premature withdrawal of said deposits. Therefore, if you opt for the premature withdrawal of an FD under the scheme, your fixed deposit investment will reach only 5.9%, that is, 50 bp above general clients.

Latest SBI FD interest rates (below 2 crore) for the general public

SBI DFs between 7 days and 10 years will give 2.9% to 5.4% to general customers. Seniors will earn an additional 50 basis points (bps) on these deposits. SBI had last revised its FD rates on September 10.

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