According to the bank, this scheme is available for investment till 31 March 2024. This is a good option for those senior citizens who want to keep their money safe and also want to earn good returns.

Features of SBI WeCare Deposit

This scheme is designed for those senior citizens who want risk-free investment. Since this scheme is being offered by a government bank, this scheme is completely safe.

Interest rate and investment period

The interest rates offered under this scheme are 0.50% higher than normal FDs. That is, if SBI is offering 6.50% interest on normal FDs, then senior citizens will get 7% interest under this scheme. Investors can choose a period of 1 year to 10 years, which will make it easier for them to plan according to their future needs.

How to invest?

To invest in this scheme, the senior citizen should be 60 years of age or above. Any interested person can invest in it by visiting the SBI branch or through online banking. For this, documents like age certificate, Aadhaar card or PAN card and address proof will have to be submitted.

Benefits of this scheme

Higher interest rates – Senior citizens get higher interest than normal FDs.

Investment period – There will be an option to choose a period from 1 year to 10 years.

Quarterly Interest Payment – ​​If the investor needs interest every three months, this facility is also available.

Safe and reliable – Since this is an SBI scheme, the money is completely safe. Also, the Deposit Insurance and Credit Guarantee Corporation (DICGC) gives a guarantee on the deposit amount up to Rs 5 lakh.

SBI WeCare Deposit is an excellent option for senior citizens who want regular income even after their retirement. It has high interest rates, safe investment and easy application process. If you or someone in your family is a senior citizen, then this scheme can prove beneficial for them.

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The country’s largest bank SBI has also increased its deposit rates on FDs. In this, regular customers are getting a maximum interest of 6.75 percent and senior citizens are getting up to 7.25 percent. SBI gives extra benefits to senior citizens under ‘SBI Wecare deposit scheme’. The deadline of this scheme has been extended to 31 March 2023.

₹2 lakh interest on ₹5 lakh deposit

SBI WeCare Deposit, a special scheme for senior citizens of SBI, is getting interest of up to 7.25 percent. If he deposits Rs 5 lakh in this scheme, then he will get Rs 7,16,130 on maturity of 5 years. That is, only interest income will be Rs 2,16,130.

In this scheme, apart from 0.50 per cent, 0.30 per cent i.e. a total of 0.80 per cent more interest is being offered to all senior citizens on FDs with tenure of 5 years or more. These interest rates are applicable from December 13, 2022, on deposits of less than Rs 2 crore.

SBI FD: Will get the benefit of tax deduction

Fixed deposits / term deposits of banks are generally considered safe. This is a good option for risk-averse investors. Tax deduction up to Rs 1.5 lakh is available under Section 80C on 5-year tax saving FD. However, the interest earned on FD is taxable. It has a lock in of 5 years. This period can extend up to 10 years. Let us tell you, SBI offers 1% more interest than the existing FD rates to its employees and pensioners.

The post SBI Super Plan for Senior Citizen! ₹ 5 lakh deposit plus interest of ₹ 2 lakh, plus tax benefits first appeared on Rightsofemployees.com.