SBI Wecare Senior Citizen FD Scheme Gets Further Extension-- Check Interest Rates And Other Details

New Delhi: State Bank of India's (SBI) Wecare Senior Citizen FD Scheme for senior citizens with high interest has got further extension. As per the Bank's website the special FD scheme for senior citizen will now be available till 31 March 2024. 

State Bank of India had extended the Special Fixed Deposit (FD) Scheme for senior citizens a couple of times in the past. The Scheme is available on fresh deposit and renewal of maturing deposits.

SBI Wecare Senior Citizen FD Scheme Launch and Maturity Date

SBI Wecare Senior Citizen FD Scheme, which was launched in May 2020 and had an initial maturity date of September 2020, has got several extensions so far, the last being September, 2023. SBI had launched the Special FD Scheme stating that the aim of the scheme is "Protecting income of Senior Citizens by providing additional interest on their Term Deposits."

SBI Wecare Senior Citizen FD Scheme Type and Period of Deposit 

Senior Citizen will get additional premium of 30 bps (over and above existing premium of 50 bps) over card rate for Public i.e. 80 bps over card rate for Public.

Payment of Interest for Term Deposit is at monthly/ quarterly interval; Special Term Deposit- On maturity Interest, net of TDS, shall be credited to Customer Account.

SBI Wecare Senior Citizen FD Scheme Type and Period of Deposit

The Special FD scheme for Senior Citizen is a Domestic Term Deposit. The Minimum Period of Deposit is 5 years while the Maximum Period of Deposit is 10 years. Loan facility is also available on this FD scheme while TDS can be availed at applicable rate as per Income Tax Act.