State Bank of India (SBI) has extended its special fixed deposit scheme for senior citizens ‘SBI Wecare’ till March 31, 2021. This is the second time this scheme has been extended.
In May 2020, SBI had announced this fixed deposit scheme ‘SBI Wecare’ for senior citizens, which was initially till September. In this current coronavirus pandemic scenario, this scheme was launched to provide higher interest rates to senior citizens.
Currently, SBI offers 5.40 percent interest rate on five years FD for the general public, and for senior citizens, the bank offers 6.20 percent under the special FD scheme ‘SBI Wecare’.
In case of premature withdrawal of such deposits, this additional interest i.e. 30 bps under the special scheme for senior citizens will not be payable.