Wecare saving scheme: State Bank of India has a special Fixed Deposit (FD) scheme for senior citizens with higher interest rates. The name of the scheme is Wecare. Eligible persons can invest in SBI’s special FD scheme till 30 September.
During the Covid period, India’s largest public sector bank launched the We Care FD Scheme in September 2022 to provide more benefits on their saving to senior citizens. Earlier, the last date to invest in the scheme was 31 March 2023, but later, it has been extended to 30 September 2023.
Interest Rate on SBI WeCare scheme
Under the WeCare FD scheme, SBI offers its investors to invest money on two tenures. One, investors can invest money on a tenure of 5 years. Whereas, the second tenure will be of 10 years. According to the information given on the SBI website, the bank offers, an interest rate of 7.50 per cent on both the tenures.
All investors can avail of loans against the FD in any emergency situation.
Benefits in number
If a senior citizen invests Rs 1,00,000 in SBI WeCare, then at 7.50 per cent interest rate, on the maturity of FD, he will receive Rs 44,995 as interest. That mean, the total return will be Rs 1,44,995.
Interest rate on other FDs
SBI provides FDs ranging from 7 days to 10 years of tenure. The interest rate on FDs of these tenures ranges from 3.50 percent to 7.50 percent. However, senior citizens are given an additional interest rate of 0.50% on all general FD schemes.
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