The State Bank of India (SBI) particular fastened deposit scheme for senior residents has been prolonged once more. In May 2020, the nation’s prime lender had introduced SBI ‘WECARE’ Senior Citizens’ Term Deposit scheme for senior residents, which was initially until September 2020. But amid the Covid-19 pandemic, the particular FD scheme was prolonged a number of occasions. The financial institution has additional prolonged it to March-end subsequent yr.
“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 as detailed in the above table) will be paid to Senior Citizen’s on their retail TD for ‘5 Years and above’ tenor only. “SBI Wecare” deposit scheme stands prolonged until 31th March, 2022,” SBI talked about on its web site.
SBI particular FD scheme for senior residents: Latest rates of interest
SBI particular FD scheme for senior residents -We Care -offers an extra 30 bps rate of interest to the senior residents on their FD for the tenor of 5 years and extra. At current, SBI offers a 5.4% rate of interest on 5 years FD for most of the people. If a senior citizen places a hard and fast deposit below the particular FD scheme, then the rate of interest relevant to the FD will probably be 6.20%. These charges are with impact from 8 January 2021.
Apart from SBI, lenders like HDFC Bank, Bank of Baroda (BoB) and Axis Bank had additionally launched this particular FD scheme for senior residents and prolonged it a number of occasions since then. According to HDFC Bank and BoB’s web site, these schemes have been prolonged until 30 September 2021. However, ICICI Bank’s portal says that its Golden Year FD for senior residents is legitimate until 7 October 2021.
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