The State Bank of India (SBI) has recently announced the extension of the last date for opening an account under SBI WeCare. It is a special fixed deposit (FD) scheme for senior citizens. The new last date to open an account under the SBI WeCare is September 30, 2022.
SBI is offering an attractive interest rate under the WeCare scheme. On the official website, the state-owned lender noted that the scheme was introduced for Senior Citizens in the Retail TD segment.
The scheme offers 0.8% more interest to investors than the standard interest rate. For example, senior citizens will get an interest rate of 6.30% for 5 years on the fixed deposit scheme under SBI WeCare. Previously, the non-senior citizens will receive an interest rate of 5.50% and senior citizens received an interest rate of 6% for the same time period.
This scheme was introduced for senior citizens in May 2020 to offer better interest rates to them and promote fixed deposits among the older community.
Currently, this scheme is purely focused on senior citizens and citizens who are above 60 years of age and only Indian nationals can invest in this scheme. NRI customers can’t be a part of this scheme.
For more breaking news, click here.