SBI Scheme: Are you a senior citizen… If yes, then this news is for you. In fact, there is good news for senior citizens from the country’s largest government bank State Bank of India. Now you can get higher interest rate on your Fixed Deposit. Yes, SBI has announced to extend its special fixed deposit scheme for senior citizens till March 31, 2023 next year. The name of this special fixed deposit scheme of SBI is SBI Wecare.
SBI started the scheme during the Corona period
It is worth mentioning that the State Bank started this scheme in the difficult times of Corona. SBI started this scheme in September 2020. In the year 2021 also, SBI had extended the term of this scheme. And now once again the State Bank is extending the duration of this scheme. Let us tell you, under the SBI We Care scheme, 30 basis points interest is given to senior citizens on fixed deposits.
Senior citizens get more interest
Under this special scheme of SBI, senior citizens get more interest on bank FD deposits. Under the SBI We Care scheme, an additional interest of 30 basis points is given on the fixed deposits of senior citizens. Under this scheme, senior citizens have to deposit FD for 5 years.
How much interest does it get
Let us tell you, SBI gives 5.65 percent interest to its customers on FD for a period of 5 years on normal fixed deposits. But under this special scheme to senior citizens, it gives an interest of 6.45 percent on FD of 5 years.