The State Bank of India has extended its “WECARE” Senior Citizens’ Term Deposit program until June 30, 2023. The program was introduced in May 2020 and offers additional interest on term deposits to protect senior citizens’ income. The bank takes pride in its association with senior citizens.
7.5% return on SBI Scheme
As stated on the SBI website, the WE care interest rates include an extra premium of 50 basis points (in addition to the existing 50 basis points) for the Public, resulting in a total premium of 100 basis points above the card rate. The scheme offers an interest rate of 7.50 percent for tenures ranging from 5 to 10 years.
Senior Citizen FD rates
| Tenors | Rates w.e.f. 15/02/2023 |
| 7 days to 45 days | 3.5 |
| 46 days to 179 days | 5 |
| 180 days to 210 days | 5.75 |
| 211 days to less than 1 year | 6.25 |
| 1 Year to less than 2 years | 7.3 |
| 2 years to less than 3 years | 7.5 |
| 3 years to less than 5 years | 7 |
| 5 years and up to 10 years | 7.50% |
SBI Sarvottam deposits
The State Bank of India (SBI) depositors will get higher interest rates than regular fixed deposits. Senior citizens will earn an interest rate of 7.9 per cent for deposits maturing in two years. For one year tenure, they will get an interest rate of 7.6 per cent in the bank.
Other banks
ICICI Bank special deposit will end on April 7, 2023. HDFC Bank and IDBI Bank have not updated anything related to the special deposit scheme offered to senior citizens.
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