SBI Extended Wecare Deposit Scheme For Senior Citizens Upto 30th September, 2022

State Bank of India (SBI), India's largest public-sector lender, has extended its "SBI Wecare" deposit scheme till September 30, 2022. The scheme had previously been extended until March 2022, but the bank has now extended it until the end of September this year. The SBI 'WECARE' Senior Citizens' Term Deposit scheme is a unique deposit scheme for senior citizens in which the bank provides them with a higher interest rate on their term deposits.

SBI has mentioned on its website that "A special " SBI Wecare" Deposit for Senior Citizens introduced in the Retail TD segment wherein an additional premium of 30 bps (over & above the existing 50 bps as detailed in the above table) will be paid to Senior Citizen's on their retail TD for '5 Years and above' tenor only. "SBI Wecare" deposit scheme stands extended upto 30th September, 2022."

SBI Wecare Deposit Scheme For Senior Citizens

SBI Wecare Deposit Scheme provides senior citizens with an additional 30 basis point premium on retail term deposits of 5 years and above, in addition to the existing 50 basis point premium. The interest rate payable to SBI employees and retirees will be 1.00 percent higher than the relevant rate. The scheme's interest rate benefit will be applied to new deposits as well as renewals of maturing accounts.

SBI is now offering a 5.50 percent interest rate to the general public on deposits maturing in 5 years and up to 10 years. If a senior citizen establishes a fixed deposit under the special FD scheme with a maturity of 5 years and up to 10 years, the interest rate will be 6.30 percent, a benefit of additional 30 basis points above the existing 50 basis points. These interest rates are effective as of 15.02.2022.

Note

With effect from February 15, 2022, SBI has increased interest rates on fixed deposits (FDs) of less than Rs 2 crore for terms of more than two years by 10-15 basis points. According to the SBI website, the interest rate on 2-year to 3-year FDs has been raised by 10 basis points to 5.20 percent from 5.10 percent earlier, while the rate on 3-year to 5-year FDs has been raised by 15 basis points to 5.45 percent from 5.30 percent earlier. The interest rate on 5-year and 10-year fixed deposits has been raised by 10 basis points to 5.50 percent from 5.40% earlier. The following are the adjustments in interest rates on retail domestic term deposits (below Rs. 2 crore).

Tenors	Existing Rates for Public w.e.f. 15.01.2022	Revised Rates For Public w.e.f. 15.02.2022	Existing Rates for Senior Citizens w.e.f. 15.01.2022	Revised Rates for Senior Citizens w.e.f. 15.02.2022
7 days to 45 days	2.9	2.9	3.4	3.4
46 days to 179 days	3.9	3.9	4.4	4.4
180 days to 210 days	4.4	4.4	4.9	4.9
211 days to less than 1 year	4.4	4.4	4.9	4.9
1 year to less than 2 year	5.1	5.1	5.6	5.6
2 years to less than 3 years	5.1	5.2	5.6	5.7
3 years to less than 5 years	5.3	5.45	5.8	5.95
5 years and up to 10 years	5.4	5.5	6.2	6.3
Source: Bank Website