The State Bank of India (SBI) has launched the SBI WeCare Deposit Scheme exclusively for senior citizens aged 60 and above.
This scheme provides a higher interest rate on Fixed Deposits (FDs), making it a safe and rewarding investment option. The scheme is available for investments until 31 March 2024.
Key Features of SBI WeCare Deposit Scheme
This scheme is designed for senior citizens who prefer risk-free investments. Since SBI is a government-backed bank, it ensures complete safety for deposited money.
Higher Interest Rates: Senior citizens get an additional 0.50% interest over the standard FD rate. For example, if the regular FD rate is 6.50%, seniors will receive 7%.
Flexible Investment Period: The scheme allows investments for 1 to 10 years, letting investors choose a term that suits their financial goals.
How to Invest in SBI WeCare Deposit Scheme?
To invest in this scheme, individuals must be at least 60 years old. They can apply by visiting an SBI branch or using online banking. The required documents include:
Age proof (such as a birth certificate)
Aadhaar card or PAN card
Address proof
Additional Benefits of the Scheme
Higher Returns: Senior citizens earn better interest rates than regular FDs.
Flexible Payout Options: Interest can be paid quarterly if regular income is needed.
Security of Investment: The scheme is completely secure, and deposits up to Rs 5 lakh are covered under the Deposit Insurance and Credit Guarantee Corporation (DICGC).
