SBI Senior Citizen Saving Scheme: Earn higher return than normal FD on your money here

SBI Senior Citizen Saving Scheme: Apart from ICICI Bank and HDFC Bank, the State Bank of India (SBI) has also increased the deadline for Senior Citizen Special Fixed Deposit Scheme 'We Care' from 31st December 2020 to 31st December 2021. Interested senior citizens who want to open new Fixed Deposit (FD) accounts in SBI can open SBI We Care special FD account within the deadline and avail of an additional 30 bps interest rate on their money. This will be applicable on SBI FDs for five years and above tenor from the revised SBI FD rates effective from 8th January 2020, claims official website of the SBI — sbi.co.in.

According to the official SBI website, "A special “ SBI Wecare” Deposit for Senior Citizens introduced in the Retail TD (Term Deposit) segment wherein an additional premium of 30 bps (over & above the existing 50 bps as detailed in the above table) will be paid to Senior Citizen’s on their retail TD for '5 Years and above' tenor only. "SBI Wecare” deposit scheme stands extended till 31st March, 2021." So, if a senior citizen deposits in SBI FD under this We Care scheme, he or she will be able to garner 80 bps more interest on its money than a normal SBI FD depositor.

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SBI is giving 6.20 per cent interest rate on FD for 5 years and up to 10 years tenor. If senior citizens deposit money under SBI 'We Care' Scheme within the given deadline, they will be able to get 6.5 per cent interest on its investment. Similarly, for SBI FD up to five years, SBI is giving 5.80 per cent return to a senior citizen depositor, but if the senior citizen deposits money under this scheme, it will get 6.10 per cent return on its money.

SBI FD Rates effective from January 8th, 2021

Source: sbi.co.in

However, in the case of premature withdrawal, the senior citizens will have to lose the additional 30 bps benefit on their money and they will get normal 50 bps additional interest from the SBI FD depositors below 60 years of age.