The special fixed deposit scheme of State Bank of India (SBI) for senior citizens has been extended again. In May 2020, the country’s top lender had announced SBI ‘WECARE’ Senior Citizens Fixed Deposit Scheme for Senior Citizens, initially till September 2020. But amid the Covid-19 pandemic, the special FD scheme was extended several times. The bank has extended it till March-end next year.
“A special SBI WeCare Deposit has been introduced for Senior Citizens in the Retail TD Segment, with Senior Citizens on their Retail TDs of ‘5 Years and Above only. The “SBI WeCare” Deposit Scheme has been extended till March 31, 2022. SBI has mentioned on its website.
SBI Special FD Scheme for Senior Citizens: Latest Interest Rates
SBI’s special FD scheme for Senior Citizens – V Care – offers senior citizens an additional 30 bps interest rate 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.
Apart from SBI, lenders like HDFC Bank, Bank of Baroda (BOB) and Axis Bank also introduced this special FD scheme for senior citizens and extended it several times since then. According to the website of HDFC Bank and BoB, these schemes have been extended till 30 September 2021. However, ICICI Bank’s portal says that its Golden Year FD for senior citizens is valid till 7 October 2021.
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