SBI Wecare Deposit, Special Senior Citizen FD Scheme with Higher Interest Rate. The special FD scheme for senior citizens has been made available for investment within the stipulated time frame. The scheme has been launched to provide a higher interest rate to senior citizens in the current falling interest rate scenario.
Features & Benefits of SBI Wecare Deposit
Only resident senior citizens aged sixty years and above are eligible to invest in SBI special FD scheme.
Type of deposit
SBI Wecare Deposit has been introduced in the retail term deposit segment to safeguard the interests of senior citizens in the current falling rate regime.
Tenure of deposit
A fixed deposit investment under Wecare Deposit can be made for a minimum of 5 years and a maximum of 10 years.
Rate of Interest on Fixed Deposits
Wecare Deposit will have 0.80% extra rate of interest above the regular interest rate for general public.
Payment of interest
Interest on fixed deposits under this special FD scheme for senior citizens will be paid on maturity. As per SBI’s website, interest, net of TDS, shall be credited to customer account. For senior citizens, TDS will be deducted if the total interest in a financial year exceeds Rs 50,000.
A senior citizen can take a loan against the SBI Wecare Deposit.
How to invest in SBI Wecare Deposit ?
A senior citizen can invest in the scheme by visiting a SBI Bank branch, or through Internet Banking, Mobile Banking or via SBI Yono app.
As per SBI Website, The scheme which opened on 12 May 2020, and September 30, 2020. SBI special FD scheme for senior citizens is available on fresh deposit and renewal of maturing deposits.
In case of pre mature withdrawal, the additional interest i.e. 0.30%.