SBI Extends Special Fixed-Deposit Scheme WeCare

SBI WeCare scheme was launched to provide higher interest rates to senior citizens

1 min read
State Bank of India (SBI). Image used for representation purpose only.

India’s leading public sector bank, State Bank of India (SBI), has extended the SBI ‘WeCare’ fixed deposit scheme for senior citizens till 30 June 2021. The bank launched the scheme on 12 May 2020.

The scheme was launched to provide higher interest rates to senior citizens and since its launch it has been extended thrice. Initially, it was slated to end on 30 September 2020. It was extended till December-end, and then till 31 March 2021. Now, the new deadline has been announced.

“A special SBI Wecare Deposit for Senior Citizens introduced in the Retail TD segment wherein an additional premium of 30 bps (over & above the existing 50 bps) will be paid to Senior Citizens on their retail TD for ‘5 Years and above’ tenure only. SBI Wecare deposit scheme stands extended till 30 June 2021,” SBI stated.

SBI WeCare Scheme Details

  • SBI WeCare scheme is for senior citizens.
  • Period of deposit – 5 years minimum; 10 years maximum
  • Interest rate – Additional premium of 30 bps (over and above existing premium of 50 bps) over card rate for public, ie, 80 bps over card rate.
  • Available through SBI branch/ INB/ YONO
  • Scheme extended till 30 June 2021

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