New Delhi :
State Bank of India (SBI) has announced the extension of the last date for opening an account under SBI WeCare, a special fixed deposit (FD) scheme for senior citizens.
The new last date to open an account under the SBI WeCare is September 30, 2022.
SBI offers an attractive interest rate for investments made by senior citizens under the SBI WeCare scheme.
On the official website, the state-owned lender noted that the SBI Wecare Deposit was introduced for Senior Citizens in the Retail TD segment.
SBI noted that investors get an additional premium of 30 bps over and above the existing 50 bps on their retail term deposits for ‘5 Years and above’ tenor only.
The last date to invest in the scheme is September 30, 2022, the bank said.
The SBI website also noted that the scheme will offer 0.8% more interest to investors than the interest rate applicable to the general public.
For example, senior citizens can avail of an interest rate of 6.30% on five years fixed deposit scheme under SBI WeCare.
In comparison, the general public receives an interest rate of 5.50 per cent and senior citizens receive an interest rate of 6.00% on normal FD schemes with a maturity period of five years.
SBI had introduced the SBI ‘WECARE’ Older Citizens’ Term Deposit plan in May 2020.
The scheme was launched to offer higher interest rates to promote fixed deposit schemes among senior citizens.
SBI allows anyone aged 60 years or more to open an investment account in the SBI WeCare Term Deposit plan for five years.
However, only Indian nationals are allowed to invest in the scheme, as it is a domestic term deposit plan.
This means that NRI senior citizens are not eligible to invest in the SBI WeCare scheme.