SBI Fixed Deposit (FD) Scheme for Senior Citizens with High Interest Rates

SBI ‘WECARE’ Senior Citizens Fixed Deposit

SBI’s special FD scheme for Senior Citizens – We Care – offers an additional 30 bps interest rate to senior citizens on their FDs for tenures of 5 years and above. At present, SBI offers 5.4% interest rate on five-year FDs for the general public. If a senior citizen makes a fixed deposit under the special FD scheme, then the interest rate applicable on the FD will be 6.20 percent. These rates are effective from 8 January 2021. If you decide to opt for premature withdrawal of the deposit, the additional premium may not be paid and you may also have to pay a penalty of around 0.50 per cent.

SBI ‘WECARE’ Senior Citizens Fixed Deposit Latest Interest Rates with effect from January 8, 2021

7 days to 45 days – 3.4%

46 days to 179 days – 4.4%

180 days to 210 days – 4.9%

211 days to less than 1 year – 4.9%

1 year to less than 2 years -5.5%

2 years to less than 3 years – 5.6%

3 years to less than 5 years – 5.8%

5 years and up to 10 years – 6.2%