The last date for investment in this scheme has been extended by three months to June 30, 2023. Let us tell you that SBI’s Vcare scheme was open only till March 31, 2023, but now SBI has once again extended its last date.

When was this scheme started

SBI started its ‘Vcare’ Senior Citizens Deposit Scheme in May 2020 during the Corona period. Initially it was introduced only till September 2020. But since then the bank has extended the deadline for investing in this scheme several times.

According to SBI’s website, an additional interest rate of 50 basis points (0.50 per cent) is offered to senior citizens on FDs as compared to general citizens, and an additional 50 basis points is offered under the SBI WeCare scheme. That is, senior citizens get full 1 percent more interest under the VCare scheme than ordinary citizens. In this way, the interest rate given to senior citizens under the scheme is 7.50 percent for a period of 5 years to 10 years.

Check interest rates for remaining tenures

At present, SBI is offering senior citizens 3.5% on FDs of 7 days to 45 days, 5% on 46 days to 179 days, 5.75% on 180 days to 210 days and 6.25% on 211 days to less than 1 year. Used to be. On the other hand, senior citizens can get 7.3 percent interest rate on 1 year to less than 2 years, 7.5 percent on 2 years to less than 3 years and 7 percent on 3 years to less than 5 years.

Keep in mind that these interest rates are for amounts less than Rs 2 crore. The good thing is that SBI Bank customers can avail loan under this FD scheme.

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