The State Bank of India (SBI) has launched a special fixed deposit (FD) scheme named SBI Wecare Deposit for senior citizens exclusively.
The scheme provides an additional 30 basis points (bps) interest to senior citizens on their FDs. The scheme will “safeguard the interests of senior citizens in the current falling rate regime”, SBI said in a statement.
SBI will now give interests from 3.80 per cent to 6.50 per cent to senior citizens on FDs maturing in 7 days to 10 years.
The new Wecare Deposit scheme is eligible for term deposits with five year and above tenor only. The scheme can be availed within September 30. Senior citizens will get 80 bps higher interest than the rate applicable for the general public. Effectively, the interest rates will be 6.5 per cent.
The interest rates will not be valid if the deposits are withdrawn prematurely.