New Delhi. The country’s largest lender State Bank of India launched the Special Fixed Deposit Scheme in May 2020 amid the Corona crisis. Under this, an additional 0.30 percent interest is given to senior citizens. The name of this scheme is SBI WECARE Deposit Scheme. This scheme was to end in September 2021, which has now been extended till 31 March 2022. Please tell that SBI has extended the duration of this scheme for the 5th time.
Benefit will be available on deposits of 5 years or more
Under the SBI WeCare Deposit Scheme, an additional interest rate of 0.30 per cent is given to senior citizens over and above the rate applicable for retail term deposits of 5 years or more. If you understand in simple words, senior citizens can earn 0.80 percent more interest than normal by investing in Vcare Deposit Scheme. Explain that SBI gives 0.50 percent more interest to senior citizens on fixed deposits than ordinary customers. The bank is currently paying 5.40 per cent interest per annum on deposits of 5 years.
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Benefit will be available on deposits of less than 2 crores
SBI generally offers 5.90 per cent annual interest on FDs to senior citizens. Now if a senior citizen has made an FD in Wecare Deposit Scheme, then he will get 0.30 percent additional interest. In other words, senior citizens will get 6.20 percent annual interest on FDs of 5 years. These rates are effective from 8 January 2021. These interest rates are applicable on retail term deposits i.e. deposits of less than Rs 2 crore.
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When will not get the benefit of additional interest
According to the information given on SBI’s website, the benefit of additional interest received under SBI WeCare Deposit will be available on new account and renewal. There is also a condition in this that if you do Pre-Maturity Withdrawal then you will not get the benefit of additional interest. Not only this, you may also have to pay a fine of up to 0.50 percent.
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SBI BCare Interest Rates
Under the scheme, senior citizens will get 3.4 percent interest on deposits of 7-45 days.
Apart from this, 4.4% interest rate is applicable on fixed deposits of 46-179 days.
SBI is giving 4.9 percent on fixed deposits of 180-210 days.
– Interest will be 4.9 percent on deposits from 211 days to less than 1 year.
5.5% interest will be given on FDs ranging from 1 year to less than 2 years.
State Bank is giving 5.6% interest on deposits of 2 years to less than 3 years.
Apart from this, there is an interest rate of 5.8 percent on deposits ranging from 3 years to less than 5 years.
– The highest interest of 6.20 percent will be available on deposits ranging from 5 to 10 years.
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