Finance
State Bank of India (SBI) has announced a further extension of its Wecare Senior Citizen FD Scheme, catering to the financial needs of senior citizens with attractive interest rates. The scheme, which initially launched in May 2020 with a maturity date set for September 2020, has received several extensions. The latest extension allows senior citizens to benefit from the special FD scheme until March 31, 2024.
Under the Wecare Senior Citizen FD Scheme, individuals can make fresh deposits or renew maturing deposits to avail of the high-interest rates. SBI introduced this scheme with the goal of safeguarding the income of senior citizens by offering additional interest on their term deposits.
Key Features of SBI Wecare Senior Citizen FD Scheme:
1. Extension Details: The scheme has received multiple extensions, with the latest one allowing senior citizens to participate until March 31, 2024.
2. Interest Rates: Senior citizens will enjoy an additional premium of 30 basis points (bps) over the existing premium of 50 bps for the general public. This totals to an 80 bps over the card rate for the general public.
3. Type and Period of Deposit: The scheme is a domestic term deposit with a minimum deposit period of 5 years and a maximum deposit period of 10 years.
4. Payment of Interest: Interest can be paid at monthly or quarterly intervals, and for special term deposits, the interest is credited on maturity, net of Tax Deducted at Source (TDS), directly to the customer’s account.
5. Loan Facility: The scheme provides the option for a loan against the deposit.
6. TDS: Tax Deducted at Source (TDS) can be availed at the applicable rate as per the Income Tax Act.
SBI’s Wecare Senior Citizen FD Scheme continues to be a viable option for senior citizens seeking secure and rewarding investment opportunities.
