SBI FD Interest Rates: The country's largest lender State Bank of India (SBI) has extended its special fixed deposit scheme - SBI Wecare deposit scheme for senior citizens. Under the SBI Wecare deposit scheme senior citizens were offered an additional interest of 30 basis points or 0.3 per cent. The SBI Wecare deposit was supposed to end on September 30, 2022 but SBI has extended this special FD scheme till March next year. (Also Read: Bank Of Baroda Hikes FD Interest Rates By 0.2%. Check Latest FD Rates Here)
SBI already offers additional 0.5 per cent interest to senior citizens above the age of 60 and under the SBI Wecare deposit scheme the total interest payable to senior citizens goes up to 0.8 per cent.
"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 31st March, 2023," SBI mentioned on its website.
| Tenors | Existing Rates w.e.f. 14.06.2022 | Revised Rates w.e.f. 13.08.2022 | Existing Rates for Senior Citizens w.e.f. 14.06.2022 | Revised Rates for Senior Citizens w.e.f. 13.08.2022 |
| 7 days to 45 days | 2.90 | 2.90 | 3.40 | 3.40 |
| 46 days to 179 days | 3.90 | 3.90 | 4.40 | 4.40 |
| 180 days to 210 days | 4.40 | 4.55 | 4.90 | 5.05 |
| 211 days to less than 1 year | 4.60 | 4.60 | 5.10 | 5.10 |
| 1 year to less than 2 year | 5.30 | 5.45 | 5.80 | 5.95 |
| 2 years to less than 3 years | 5.35 | 5.50 | 5.85 | 6.00 |
| 3 years to less than 5 years | 5.45 | 5.60 | 5.95 | 6.10 |
| 5 years and up to 10 years | 5.50 | 5.65 | 6.30 | 6.45 |
Source: SBI
The SBI Wecare was first launched in 2020 with an aim to protect incomes of senior citizens by offering additional interest on term deposits. The scheme has been renewed from time to time.
The scheme offered payment of additional interest at monthly and quarterly intervals and was made available on fresh deposit and renewal of maturing deposits.
