Now you will be able to invest in it till March 31, 2023, will get more interest than ordinary FD. SBI Wecare Special Deposit Scheme Extended Till March 2023 | NewsBust Now you will be able to invest in it till March 31, 2023, will get more interest than ordinary FD. SBI Wecare Special Deposit Scheme Extended Till March 2023 | NewsBust

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Now you will be able to invest in it till March 31, 2023, will get more interest than ordinary FD. SBI Wecare Special Deposit Scheme Extended Till March 2023

By Amit - September 19, 2022

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New Delhi19 minutes ago

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State Bank of India (SBI) has extended its ‘Wecare’ special deposit scheme till March 2023. This scheme was initially run till September 2020, but later its life has been increasing. Under this, senior citizens are being given more interest on FD.

What is this scheme?
Under this scheme, senior citizens will get 0.80% more interest on fixed deposits (FD) for 5 years or more as compared to the interest received from ordinary FDs. Currently, SBI is offering a maximum interest of 5.50% on fixed deposits.

How much interest will you get?
Under this scheme, FDs of more than 5 years will get 0.80% interest, which includes an additional 0.30%. SBI is currently offering 5.50% interest on FDs of 5 or more tenures. That is, if you invest under this scheme for 5 years now, then you will get 6.30% interest. However, no additional interest will be paid on premature withdrawal. Click here for information related to this

Getting more interest in Utsav deposit too
SBI has introduced 1000 days FD in the name of Utsav Deposit. In this SBI is offering an interest rate of 6.10% per annum on deposits for 1,000 days. Senior citizens will be eligible to get an additional interest rate of 0.50% over and above the regular rate. Up to Rs 2 crore can be invested in this. One can invest in this special FD scheme till October 28, 2022.

SBI is currently offering interest ranging from 2.90% to 5.50% on FDs. At the same time, interest of 3.40%-6.30% is being offered to senior citizens. SBI is currently offering up to 5.50% interest to depositors for a tenure of 5 to 10 years. The bank is offering interest up to 6.30% for senior citizens.

7.4% interest is being available in Senior Citizen Savings Scheme
If you want good interest on deposits then you can invest in Senior Citizen Savings Scheme of Post Office. Under this scheme, you are offered 7.4% interest i.e. in this scheme, you get more interest than the bank’s fixed deposit. This account can be opened after the age of 60 years or more. A person taking VRS who is more than 55 years but less than 60 years can also open this account.

Money can be invested under this scheme for 5 years. After maturity, this scheme can be extended for 3 years. Investments under this scheme also get the benefit of tax exemption under section 80C. Click here to know more about the scheme

There is more news…

Amit

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