SBI WeCare Scheme presents a valuable opportunity for senior citizens to secure their financial future with enhanced interest rates on term deposits.
In a bid to cater to the financial needs of senior citizens, the State Bank of India (SBI) has been offering a special savings scheme known as the “SBI WeCare Deposit Scheme”. Designed to provide additional financial security to elderly citizens, this scheme offers exclusive benefits for those aged 60 years and above. Originally introduced in 2020, the scheme is available for investment till September 30, 2023.
Higher interest rates
Under the SBI WeCare Deposit Scheme, senior citizens can get enhanced interest rates on fixed deposits (FDs) with tenures of five years and above. Notably, these rates are substantially higher than what regular depositors receive. Senior citizens who invest in this scheme are entitled to a 0.50 percent higher premium over the already elevated 0.50 percent premium offered to resident senior citizens, totalling an additional 1 percent interest on their deposits.
Offering additional interest on term deposits, the scheme helps elderly individuals maintain a steady income stream, which is especially important during retirement.
Here are the SBI FD rates offered by SBI:
|General Public||Senior Citizen|
|Tenors||Rates w.e.f. 15/02/2023||Annualised Yield||Rates w.e.f. 15/02/2023||Annualised Yield|
|7 days to 45 days||3%||3%||3.5%||3.5%|
|46 days to 179 days||4.5%||4.5%||5%||5%|
|180 days to 210 days||5.25%||5.35%||5.75%||5.88%|
|211 days to less than 1 year||5.75%||5.88%||6.25%||6.4%|
|1 Year to less than 2 years||6.8%||6.98%||7.3%||7.5%|
|2 years to less than 3 years||7%||7.19%||7.5%||7.71%|
|3 years to less than 5 years||6.5%||6.66%||7%||7.19%|
|5 years and up to 10 years||6.5%||6.66%||7.50% (Including additional premium of 50 bps under ”SBI We-care” deposit scheme)||7.71%|
|400 days (Special Scheme i.e. Amrit Kalash”)||7.1%||7.29%||7.6%||7.82%|