SBI WeCare FD: Get higher interest rate of 7.5% for senior citizens; check last date to invest and key features
SBI WeCare FD: The State Bank of India (SBI) has extended the deadline for applying for SBI WeCare, a fixed deposit scheme designed to provide higher interest rates to senior citizens for terms lasting between 5 to 10 years. According to ET, SBI WeCare was introduced to protect senior citizens’ income by offering them extra interest.
Key features of SBI WeCare
Interest rate: The interest rate for SBI WeCare stands at 7.50%.
Last date to invest: The deadline for the scheme has been extended to September 30, 2024. It applies to both fresh deposits and renewals of existing deposits.
Additional benefits of SBI WeCare
SBI Senior Citizen Wecare FD Rates: According to the SBI website, there’s an additional premium of 50 basis points (bps) over the existing 50 bps premium for the public, totaling 100 bps over the card rate for the public.
SBI Senior Citizen FD Rates: For SBI senior citizens, the bank offers interest rates ranging from 4% to 7.50%. It’s important to note that the highest interest rate of 7.50% is applicable for a tenure of 2 years to less than 3 years.
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| Tenors | Revised Rates (%) for Senior Citizen w.e.f. 27/12/2023 |
| 7 days to 45 days | 4 |
| 46 days to 179 days | 5.25 |
| 180 days to 210 days | 6.25 |
| 211 days to less than 1 year | 6.5 |
| 1 Year to less than 2 years | 7.3 |
| 2 years to less than 3 years | 7.5 |
| 3 years to less than 5 years | 7.25 |
| 5 years and up to 10 years | 7.50* |
*Including additional premium of 50 bps under ”SBI We-care” deposit scheme.
SBI Amrit Kalash: The bank has also extended the deadline for the Amrit Kalash scheme to September 30, 2024, from the previous date of March 31, 2024.
As per the website, the scheme offers a specific tenure of “400 days” with an interest rate of 7.10% effective from April 12, 2023. Senior citizens are eligible for a higher interest rate of 7.60%. The scheme will remain valid until September 30, 2024.
SBI Green Deposit: SBI has introduced the “SBI Green Rupee Term Deposit” to encourage deposits that support the bank’s financing of green initiatives.
| Bulk | ||||
| Retail | ||||
| Tenors | Gen. Public | Sr Citizen | Gen. Public | Sr Citizen |
| 1111 Days | 6.65% | 7.15% | 6.15% | 6.65% |
| 1777 Days | 6.65% | 7.15% | 6.15% | 6.65% |
| 2222 Days | 6.40% | 7.40% | 5.90% | 6.40% |
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