Sbi Wecare Deposit

Posted on by admin

The SBI 'WECARE' Senior Citizens' Term Deposit scheme has been launched to provide the higher interest rate to senior citizens in the current falling interest rate scenario as this category of investors are usually dependent on interest income. 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 Citizens 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. What is SBI Wecare Deposit? It is a new product which is launched by the State Bank of India in retail term deposit segment. Under the new product, an additional 30 bps premium will be payable for senior citizen’s retail term deposits with Five Years and above tenure only. This scheme would be open until 30 September 2020.

By Administrator_India

The scheme is known as ‘SBI Wecare Deposit’, this will help senior citizens get higher interest rate on their money and to safeguard the interests of senior citizens in the current falling rate regime.

Known as SBI Wecare Deposit,SBI has launched a special FD scheme for senior citizens in India. Under the scheme, senior citizens will get an additional 30 basis points interest on their fixed deposits.

Banks in India have been giving a higher rate of return on FDs to senior citizens. This has led to FDs being the preferred choice of investment for senior citizens in the country.

Usually, most banks offer around 50 basis points higher returns than their benchmark rates to senior citizens. Now, SBI says it will provide an extra 30 basis points over and above this 50 basis points interest.

Sbi Wecare Deposit Form

The scheme is called ‘SBI Wecare Deposit’ and will help senior citizens get higher interest rate on their money and safeguard their interests in the current falling rate regime.

Here’s all you need to know about SBI special FD scheme SBI Wecare Deposit for senior citizens:

Sbi Deposit Rates History

– In SBI Senior citizens special FD scheme, residents of 60 years or more are eligible to invest.

– SBI Wecare Deposit special FD scheme for senior citizens is applicable for tenure of 5 years or more.

– The new interest rates will be applicable on fresh term deposits as well as existing deposits.

– SBI special FD scheme for senior citizens is applicable till 30 September 2020.

– SBI offers up to 80 basis points higher interest rate on these deposits to senior citizens.

– If a senior citizen puts a fixed deposit under the special FD scheme, then interest rate applicable to the FD will be 6.2 percent. SBI had slashed the interest rates on FDs on 27 May.

Sbi Deposit Scheme

Sbi wecare deposit ratesSbi Wecare Deposit

– Premature withdrawal: Additional premium of 30 bps not payable on premature withdrawal

– Penalty of 0.5 percent may apply

Sbi Wecare Deposit For Senior Citizens

– Maximum deposit amount: Less than Rs 2 crore