State Bank of India (SBI) has once again extended the deadline for its senior citizens to invest in the Special Fixed Deposit Scheme by 3 months. SBI WECARE FD scheme for senior citizens was launched in May 2020 in September 2020 during Corona. The bank has extended the deadline for investment in this scheme till June 30, 2023. This is the third time this FD scheme has been extended.
SBI V Care Interest Rates
According to SBI’s website, senior citizens can invest in the V Care FD scheme on tenure of 5 years and 10 years. The interest rate on this is fixed at 7.50 percent. The main objective of this FD scheme is to secure the income of senior citizens by giving additional interest on their fixed deposits. SBI’s special FD scheme We Care can be booked by visiting the bank’s branch, net banking or using the YONO app.
Payment of Interest Interest
is paid at monthly, quarterly intervals for Special Fixed Deposit. Interest on Special Fixed Deposit Scheme maturity will be credited to the customer’s account after deducting TDS.
Loan facility and TDS deduction
SBI Bank customers can avail loans under the SBI V Care FD scheme. There itself. TDS deduction on FD amount will be applicable as per Income Tax Act.
Highest interest rate on SBI Best FD
Depositors of State Bank of India (SBI) will get higher rate of interest by investing in SBI Best FD as compared to regular FD. Senior citizens will earn an interest rate of 7.9 per cent on deposits maturing in two years. For the tenure of one year, they will get 7.6 percent interest rate in the bank.
SBI FD Latest Interest Rates
SBI offers interest rates between 3.50 per cent and 7.50 per cent for tenures between 7 days to 10 years for amounts less than Rs 2 crore.
