The SBI special FD regime for the elderly was again expanded. Details here

New Delhi: State Bank of India (SBI), India’s largest commercial lender, has expanded its special fixed deposit plan for seniors for the second time. In May, the lender had announced SBI’s ‘WECARE’ term deposit plan for seniors, which was initially available until September.

However, SBI later announced that the plan will be valid until December 31. Note that the plan was launched to provide a higher interest rate to seniors during the current time of the pandemic. The scheme has been expanded once again. The special FD scheme for seniors will be available from now until the end of March.

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.

The latest SBI FD interest rates (below Rs 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.

It is worth adding here that SBI recently announced that it is all set to open access to its’ Yono ‘mobile banking and lifestyle app after ICICI Bank on Monday launched a new version of its mobile payment app known as’ iMobile Pay ‘. This application is interoperable and allows payments and other banking services to customers of any other bank. SBI Managing Director CS Setty mentioned in a report that the bank will open access to everyone on its Yono app within 30 days.