The special fixed deposit scheme for older persons offered by the State Bank of India (SBI) has been extended till March 2022. The country's largest lender launched the SBI 'WECARE' Senior Citizens' Term Deposit scheme for senior citizens in May 2020, with a lifespan of up to September 2020. However, the State Bank of India (SBI) has maintained it till 31st March 2022 as of now. SBI has directly stated on its official 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 till 31th March, 2022."
SBI 'WECARE' Senior Citizens' Term Deposit interest Rates
The interest rate payable to SBI employees and retirees will be 1.00 percent higher than the prevailing rate. The rate applicable to all Senior Citizens and SBI Pensioners aged 60 and above will be 0.50 percent higher than the rate applicable to resident Indian senior citizens for all tenors.
Under the SBI special FD scheme, elderly citizens will get an additional 30 basis points (over and above the existing premium of 50 bps) over card rate for the public i.e. 80 bps on their FDs with a tenor of 5 years or more. SBI now offers a 5.4 percent interest rate on five-year fixed deposits to regular customers. Whereas, senior citizens will get an interest rate of 6.20% under the special FD scheme.
The payment of interest will be made on maturity of the Special Term Deposit. According to SBI, the scheme is available on fresh deposits and renewal of maturing deposits. The most recent interest rates on fixed deposits for senior citizens of SBI are listed below.
|Tenors||Revised Rates for Senior Citizens w.e.f. 08.01.2021|
|7 days to 45 days||3.4|
|46 days to 179 days||4.4|
|180 days to 210 days||4.9|
|211 days to less than 1 year||4.9|
|1 year to less than 2 year||5.5|
|2 years to less than 3 years||5.6|
|3 years to less than 5 years||5.8|
|5 years and up to 10 years||6.2|
SBI FD Rates For Regular Customers
For a deposit amount of less than Rs 2 Cr, regular customers will get the following interest rates.
|Tenors||Revised Rates For Public w.e.f. 08.01.2021|
|7 days to 45 days||2.9|
|46 days to 179 days||3.9|
|180 days to 210 days||4.4|
|211 days to less than 1 year||4.4|
|1 year to less than 2 year||5|
|2 years to less than 3 years||5.1|
|3 years to less than 5 years||5.3|
|5 years and up to 10 years||5.4|
Other special deposit schemes for senior citizens
For senior citizens, leading banks such as HDFC, Bank of Baroda (BoB), and ICICI Bank are currently providing special deposit schemes. Senior Citizens who will make a Fixed Deposit of less than 5 crores for a tenure of 5 (five) years One Day to 10 Years during a special deposit offer from 18th May'20 to 30th Sep'21 will receive an additional premium of 0.25 percent over and above the existing premium of 0.50 percent, according to HDFC Bank.
During the aforementioned time, this special offer will be available to new Fixed Deposits as well as Renewals by Senior Citizens. Non-Resident Indians are not eligible for this scheme. For a limited time, ICICI Bank customers who are resident senior citizens will receive an additional 0.30 percent interest rate on their fixed deposits, in addition to the existing rate of 0.50 percent per annum.
From May 20, 2020, until October 7, 2021, this scheme will be in effect. For a deposit amount of less than Rs 2 Cr, BoB is also offering a 1.00% rate for a deposit period of "Above 5 years to up to 10 years" tenor and valid till 30.09.2021. For more information, please click here.