The State Bank of India (SBI) has extended has extended the deadline of its 'WeCare' fixed deposit scheme for senior citizens till 30 September 2021. Earlier, the last date to apply for the scheme was 30 June 2021.
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, deadline for the same has been extended multiple times.
"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 as detailed in the above table) will be paid to Senior Citizen’s on their retail TD for '5 Years and above' tenor only. 'SBI Wecare' deposit scheme stands extended till 30th September, 2021," reads the official website of the bank.
SBI 'WeCare' Senior Citizend Fixed Deposit 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