The State Bank of India (SBI) will end its 'WeCare' fixed deposit scheme for senior citizens on 30 June 2021.
So, in order to avail its benefits, senior citizens can apply for the same by 30 June.
The 'WeCare' scheme was launched by SBI on 12 May 2020. The purpose of the scheme was to protect income of the senior citizens by providing them higher interest rates on their fixed deposits. Since the launch, the deadline for the same has been extended thrice.
Initially, it was slated to end on 30 September 2020. Later, it was extended till December-end, and then till 31 March 2021. Now, the last date to open an account under the scheme is 30 June.
SBI WeCare Scheme Details
- Customers Eligible for SBI WeCare scheme - Senior Citizens
- Type of deposit - Term/Fixed Deposit
- 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
- Customers can also avail loan facility
- Available through SBI branch/INB/YONO
- Scheme is available on fresh deposit and renewal of maturing deposits
Similar fixed deposit schemes for senior citizens are also offered by other banks like HDFC, Bank of Baroda, and ICICI Bank.