SBI account: Senior citizens! Earn more money from this Term Deposit; know how to get it

SBI account: Are you aware of this State Bank of India (SBI) scheme? The largest public sector lender has launched a Term Deposit scheme exclusively for senior citizens to protect their incomes by offering additional interest on their term deposits. This scheme is called ‘SBI WECARE’. Read this space to know more about the scheme.

SBI has launched this scheme to offer additional interest rates to senior citizens on their term deposits in a bid to protect their incomes. The SBI WECARE scheme which is opened only for senior citizens is a ‘Domestic Term Deposit’ scheme, the bank says on its website. This scheme is valid for a minimum period of 5 years while the maximum period is 10 years.

According to the information available on SBI’s website, the scheme is available on fresh term deposits and renewal of maturing deposits. The scheme can be purchased through various modes. A person can visit any SBI bank branch to buy the scheme or also do it through internet banking or SBI YONO app. Visit the website to know more about the Fixed Deposit schemes available to the senior citizens. 

 Interest Rate According to the information on the SBI website, the bank is offering additional premium of 30 bps (over and above existing premium of 50 bps) over card rate for public i.e. 80 bps over card rate for public.

Payment of Interest

-- Term Deposit – At monthly/ quarterly interval
-- Special Term Deposit- On maturity
-- Interest, net of TDS, shall be credited to Customer Account

The SBI WECARE scheme also offers loan facility to the senior citizens. The scheme is available only for a limited period. SBI launched this scheme on 12 May 2020 and the last date to avail this scheme is 30 September 2020.

See Zee Business Live TV Streaming Below:

TDS: The Tax Deducted at Source is in accordance with the applicable rates under the Income Tax Act.