Tuesday, Feb 27th 2024
Trending News

SBI Wecare Senior Citizen FD Scheme Ending In Just 15 Days

By FnF Correspondent | PUBLISHED: 16, Sep 2023, 9:04 am IST | UPDATED: 16, Sep 2023, 9:04 am IST

SBI Wecare Senior Citizen FD Scheme Ending In Just 15 Days

New Delhi: It is 15 days to go! The SBI Wecare Senior Citizen FD Scheme for senior citizens with high interest is going to be over by the end of this month. 

Bringing cheers to numerous customers, India's largest lender State Bank of India (SBI) had in July extended the period for the Special Fixed Deposit (FD) Scheme for senior citizens. The SBI Wecare Senior Citizen FD Scheme was extended by additional three-month extension. 

The SBI Wecare Senior Citizen FD Scheme is be available for subscription till September 30, 2023.

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 June 30, 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.

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.

The Special FD scheme for Senior Citizen is a Domestic Term Deposit. The Minimum Period of Deposit is 5 years wile 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.

You Might also Like