There is news of relief for senior citizens. The country’s largest bank State Bank of India (SBI), has once again extended the last date of its ongoing particular FD scheme (SBI Special FD Scheme) for senior citizens. The investment date in the Wecare scheme (SBI WECARE) has been extended by three months to June 30, 2023. Senior citizens will get more interest in this scheme.

Earlier, this scheme was ending on March 31. SBI WeCare is an FD program for senior citizens. It was launched in May 2020. The bank has repeatedly extended this FD scheme, and now the bank has once again extended the deadline.

Opportunity to get 7.50 percent interest

According to the SBI website, senior citizens will get an additional interest of 0.50 percent. Under the scheme, 7.50 percent interest is received on FDs of 5 to 10 years. In this scheme, you can book FD using net banking or the Yono app or by visiting the branch. Its interest can be received monthly, quarterly, half-year, or annually. Later interest on FD will be available after deducting TDS.

Banks increased interest due to an increase in repo rate

Please tell that after increasing the repo rate of RBI, most of the banks have increased the interest on FD. From May 2022 till now, RBI has increased the repo rate by 2.50 percent. It is now being speculated that RBI may increase the interest rates on April 6.

SBI FD Rates

Joint customers will get 3 percent to 7.1 percent interest on SBI’s FD between 7 days and 1tenyears. At the same time, senior citizens get 0.50 percent more interest on all FDs.
Seven days to 45 days – 3.0%
46 days to 179 days – 4.5%
180 days to 210 days – 5.25%
211 days to less than one year – 5.75%
One year to less than two years – 6.8 percent
400 days (Amrit Kalash FD Scheme) – 7.10%
Two years to less than three years – 7.00%
Three years to less than five years – 6.5 percent
Five years and up to 10 years – 6.5 percent