SBI special FD scheme for senior citizens extended again. Details here
New Delhi: India’s largest commercial lender State Bank of India (SBI) has extended its special fixed deposit scheme for senior citizens for the second time. In May, the lender had announced SBI ‘WECARE’ Senior Citizens’ Term Deposit scheme for senior citizens, which was initially available till September.
However, it was later announced by SBI that the scheme will be valid till 31st December. Note that the scheme was launched to provide a higher interest rate to senior citizens during the current pandemic time. The scheme has been extended yet again. The special FD scheme for senior citizens will be available now till March-end.
A special “SBI Wecare” Deposit for Senior Citizens introduced in the Retail TD segment wherein an additional premium of 30 bps (over & above the existing 50 bps) will be paid to Senior Citizen’s on their retail TD for ‘5 Years and above’ tenor only. “SBI Wecare” deposit scheme stands extended till 31st March 2021,” SBI mentioned on its website.
SBI special FD scheme for senior citizens: Latest interest rates
SBI special FD scheme for senior citizens will fetch 80 basis points (bps) interest rate above the rate applicable to the general public. At present, SBI gives 5.4% interest rate on five years FD for the general public. If a senior citizen puts a fixed deposit under the special FD scheme, then interest rate applicable to the FD will be 6.20%.
This additional interest i.e. 30 bps under the special scheme for senior citizens will not be payable in case of premature withdrawal of such deposits. Therefore, if you opt for premature withdrawal of a FD under the scheme, your fixed deposit investment will fetch only 5.9% i.e. 50 bps above the general customers.
SBI latest FD interest rates (below Rs 2 crore) for general public:
SBI FDs between 7 days to 10 years will give 2.9% to 5.4% to general customers. Senior citizens will get 50 basis points (bps) extra on these deposits. SBI had last revised its FD rates on 10 September.
Worth adding here is that SBI recently announced that it is all set to open access to its mobile banking and lifestyle app ‘Yono’ to all after ICICI Bank on Monday launched a new version of its mobile payment app known as ‘iMobile Pay’. This app 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 all on its Yono app within 30 days.
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