The State Bank of India (SBI) has announced the extension of its exclusive fixed deposit scheme for senior citizens known as SBI WeCare. This scheme offers senior citizens higher interest rates on fixed deposits with durations ranging from 5 years to 10 years.
“SBI takes pride in its association with Senior Citizens and introduces a new Deposit Scheme “SBI WECARE’ protecting their income by offering additional interest on Term Deposits,” says SBI’s official website.
Last Date to Invest in These Two Fixed Deposit Schemes
The SBI WeCare scheme has been extended until September 30, 2023. This special scheme is applicable for both fresh deposits and the renewal of maturing deposits.
Interest Rates Offered By SBI WeCare
The SBI WeCare scheme provides an interest rate of 7.50% to eligible individuals. Additionally, HDFC Bank has also extended its special fixed deposit scheme for senior citizens, with the last date for investing in the Senior Citizen Care FD plan being extended to July 7, 2023, according to information available on the bank’s website.
Amrit Kalash Fixed Deposit Scheme
SBI has recently extended the duration of its Amrit Kalash special fixed deposit (FD) scheme. Initially introduced from February 15, 2023, to March 31, 2023, the scheme was later extended until June 30, 2023, as announced on April 12, 2023. It has now received another extension beyond the previous date.
The SBI Amrit Kalash scheme has been further extended until August 15, 2023. It was reintroduced in April 2023 and initially had a validity until June 30, but now it has received an extended period.
The SBI Amrit Kalash FD Scheme offers a unique duration of 400 days. Under this scheme, the general public will receive an interest rate of 7.10%, while senior citizens will enjoy a higher interest rate of 7.60%.
SBI provides varying interest rates to its general customers, ranging from 3% to 7% for deposits below ₹2 crore. For senior citizens, the interest rates offered by SBI range from 3.50% to 7.50%.