Sbi Wecare Deposit
- A couple of days back, SBI has launched a new fixed deposit scheme with the name “SBI Wecare Fixed Deposit” for senior citizens. SBI indicated that they have launched this new FD scheme to safeguard falling interest rates for Sr. While there are several other saving schemes for Senior Citizens, they all have few limitations.
- State Bank of India (SBI), for some select maturity periods, has raised fixed deposit or FD rates. From January 8, the revised SBI rates on retail FDs of less than Rs 2 crores are effective.
- SBI Wecare Deposit is a new term deposit scheme announced by the largest commercial bank in India for Senior Citizens. The SBI Wecare scheme is announced to protect the interest income earned by senior citizens on their term deposits, in the currently falling interest rate regime.
- On Thursday, the State Bank of India (SBI) introduced a new scheme for senior citizens called 'SBI Wecare Deposit' for senior citizens in its retail term deposit segment. The scheme aims at.
The State Bank of India has once again extended its special term deposit scheme for senior citizens, SBI WeCare till 31st March 2021. Under this scheme, senior citizens (residents, of or above 80 years of age) are being offered a total of 0.80% extra premium on domestic retail fixed deposits (below Rs.
By Administrator_India
The scheme is known as ‘SBI Wecare Deposit’, this will help senior citizens get higher interest rate on their money and to safeguard the interests of senior citizens in the current falling rate regime.
Known as SBI Wecare Deposit,SBI has launched a special FD scheme for senior citizens in India. Under the scheme, senior citizens will get an additional 30 basis points interest on their fixed deposits.
Banks in India have been giving a higher rate of return on FDs to senior citizens. This has led to FDs being the preferred choice of investment for senior citizens in the country.
Usually, most banks offer around 50 basis points higher returns than their benchmark rates to senior citizens. Now, SBI says it will provide an extra 30 basis points over and above this 50 basis points interest.
The scheme is called ‘SBI Wecare Deposit’ and will help senior citizens get higher interest rate on their money and safeguard their interests in the current falling rate regime.
Here’s all you need to know about SBI special FD scheme SBI Wecare Deposit for senior citizens:
– In SBI Senior citizens special FD scheme, residents of 60 years or more are eligible to invest.
– SBI Wecare Deposit special FD scheme for senior citizens is applicable for tenure of 5 years or more.
– The new interest rates will be applicable on fresh term deposits as well as existing deposits.
– SBI special FD scheme for senior citizens is applicable till 30 September 2020.
– SBI offers up to 80 basis points higher interest rate on these deposits to senior citizens.
– If a senior citizen puts a fixed deposit under the special FD scheme, then interest rate applicable to the FD will be 6.2 percent. SBI had slashed the interest rates on FDs on 27 May.
– Premature withdrawal: Additional premium of 30 bps not payable on premature withdrawal
Sbi Wecare Deposit
– Penalty of 0.5 percent may apply
– Maximum deposit amount: Less than Rs 2 crore
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If a senior citizen is planning to open a new FD account, here is an opportunity to earn 0.80% more than a normal SBI FD investor. The State Bank of India (SBI) extended the special Fixed Deposit scheme for senior citizens from December 31, 2020 to March 31, 2021. As per SBI's official website — sbi.co.in, a senior citizen will get 50 bps more than a normal FD investor while under Senior Citizen Special FD Scheme, the FD account holder will get an additional 30 bps FD interest rate.
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) will be paid to Senior Citizens on their retail TD for '5 Years and above' tenor only. 'SBI Wecare' deposit scheme stands extended till 31st March 2021,' SBI mentioned on its website.
SBI Special FD Scheme
SBI special FD scheme for senior citizens will fetch 80 basis points (bps) interest rate above the rate applicable to the general public. At present, SBI gives 5.4% interest rate on five years FD for the general public. If a senior citizen puts a fixed deposit under the special FD scheme, then interest rate applicable to the FD will be 6.20%. However, this additional interest i.e. 30 bps under the special scheme for senior citizens will not be payable in case of premature withdrawal of such deposits. Therefore, if you opt for premature withdrawal of a FD under the scheme, your fixed deposit investment will fetch only 5.9% i.e. 50 bps above the general customers.
Features of SBI Senior Citizen Special FD Scheme
1. The account shall be opened with a minimum deposit of Rs 1,000 or any sum in multiple of Rs 1,000 not exceeding Rs 15 lakh.
2. The depositor may extend the account for a further period of three years after the maturity period of five years.
3. The deposit made under these rules shall bear interest as directed by Govt of India from time to time quarterly.
4. If the interest payable every quarter is not claimed by an account holder, such interest shall not earn additional interest.
5. The whole amount of deposit in a joint account shall be attributable to the first account holder only.
6. Both the spouses can open a single account and joint accounts with each other.
7. The depositor may nominate a person or more than one person.
8. Nomination made by the depositor can be cancelled or varied.
9. The deposit made at the time of opening of the account shall be paid on or after the expiry of five years or after the expiry of eight years where the account was extended from the date of the opening of the account.
10. Multiple withdrawals from an account shall not be permitted.
SBI Senior Citizen Special FD Scheme: Eligibility
- An individual may open an account in individual capacity, or jointly with spouse.
Sbi We Care Deposit Scheme
- NRI's & Hindu Undivided Family are not eligible to open an account under these rules.
- An individual who has attained the age of 60 years and above,
who has attained the age of 55 years or more but less than 60 years and who has retired on superannuation or otherwise on the date of opening an account.
- The retired personnel of Defence Services attaining the age of 50 years.