FDs are the most comfortable financial instrument to make investments. Recently, SBI has announced an FD scheme. The Scheme is specially designed for senior citizens.
In the previous two years, slots happened across the world. Now, Everyone is taking the initiative to better the situation of their surroundings. Whether it is banking, business, IT, health, or any other field you can check the insights.
SBI has made a thoughtful initiative to give relief to senior citizens. Now the senior citizens will receive the additional 30bps interest in the retail TD. The benefit is available for the period of 5years and above.
Nowadays for the same duration, the general public receives the benefit with a 5.4% interest rate. But with the latest changes if any senior individual or senior citizen puts the amount under SBI WECARE Senior Citizens Scheme they will receive the benefits with the benefits of 6.20%. If someone withdraws the amount before the tenure ends, penalties are applicable.
The scheme will function till 31st March 2022. The latest Interest Rates of SBI WECARE Senior Citizens FD schemes will be activated from 8thJan 2021 are given below:
- 3.4% for 7 Days to 45 Days
- 4.4% for 46 Days to 179 Days
- 4.9% for 180 Days to 210 Days
- 4.9% for 211 Days to 360 Days or less than a year
- 5.5% for under 2year
- 5.6% for 2 to less than 3years
- 5.8% for 3 to less than 5years
- 6.2% for 5 to less than 10years
