SBI WE CARE FD scheme: Last date extended; Senior citizens to get extra 0.30% return

SBI WE CARE FD scheme last date, interest rate: State Bank of India (SBI), the country's largest lender, has extended the last date for its Fixed Deposit (FD) scheme -- SBI WE CARE. According to the bank's website, WE CARE FD scheme's last date is now March 31, 2023. SBI WE CARE scheme is exclusively for senior citizens wherein the public sector bank offers an additional benefit of 0.30 per cent return. This additional benefit is over and above the rate of interest applicable.

In the case of retail term deposits of the tenor of five years or more, senior citizens can get up to 0.80 per cent more interest.

SBI WE CARE FD scheme was launched in May 2020. The bank had launched the scheme to protect senior citizens' income by offering additional interest on term deposit.

6.45% interest on a 5-year deposit
SBI pays 0.50 per cent more interest to senior citizens on its term deposits. For example, SBI is currently paying 5.65 per cent interest per annum on deposits with a tenor of five years or more. In this, if the depositor is a senior citizen, then he would get 6.15 per cent annual interest.

But those going for SBI WE CARE will be able to generate more returns. Senior citizens will get 6.45 per cent annual interest on FD for five years. These interest rates are applicable on retail term deposits i.e. deposits of less than Rs 2 crore.

The benefit of extra interest received under the SBI WE CARE will be available both on opening new accounts and renewing the deposit. Keep in mind that if you withdraw before maturity, you will miss the benefit of extra interest.