<p>The biggest lender in India, State Bank of India (SBI), is providing a unique fixed deposit (FD) program for older adults called SBI Wecare. The program, which provides higher interest rates for loan terms of five to ten years, expires on September 30. It was initially scheduled to shut on June 30, but that date was then changed to September 30 for an additional three months.</p>
<p>According to the SBI website, “SBI takes pride in its association with Senior Citizens and introduces a new Deposit Scheme ‘SBI WECARE’ protecting their income by offering additional interest on term deposits.”<img decoding=”async” class=”alignnone wp-image-158731″ src=”https://www.theindiaprint.com/wp-content/uploads/2023/09/theindiaprint.com-shah-rukh-khan-claims-that-jawan-contains-important-life-lessons-like-empower-women-and-fight-for-the-right-sbi-2-11zon-750×563.png” alt=”theindiaprint.com shah rukh khan claims that jawan contains important life lessons like empower women and fight for the right sbi 2 11zon” width=”1483″ height=”1113″ srcset=”https://www.theindiaprint.com/wp-content/uploads/2023/09/theindiaprint.com-shah-rukh-khan-claims-that-jawan-contains-important-life-lessons-like-empower-women-and-fight-for-the-right-sbi-2-11zon-750×563.png 750w, https://www.theindiaprint.com/wp-content/uploads/2023/09/theindiaprint.com-shah-rukh-khan-claims-that-jawan-contains-important-life-lessons-like-empower-women-and-fight-for-the-right-sbi-2-11zon-1024×768.png 1024w, https://www.theindiaprint.com/wp-content/uploads/2023/09/theindiaprint.com-shah-rukh-khan-claims-that-jawan-contains-important-life-lessons-like-empower-women-and-fight-for-the-right-sbi-2-11zon-768×576.png 768w, https://www.theindiaprint.com/wp-content/uploads/2023/09/theindiaprint.com-shah-rukh-khan-claims-that-jawan-contains-important-life-lessons-like-empower-women-and-fight-for-the-right-sbi-2-11zon-150×113.png 150w, https://www.theindiaprint.com/wp-content/uploads/2023/09/theindiaprint.com-shah-rukh-khan-claims-that-jawan-contains-important-life-lessons-like-empower-women-and-fight-for-the-right-sbi-2-11zon.png 1200w” sizes=”(max-width: 1483px) 100vw, 1483px” title=”All You Need To Know About This Fixed Deposit Program For Senior Citizens, SBI Wecare Special FD, Before It Ends 6″></p>
<p>There is also a statement that reads, “Additional premium of 50 bps (over and above existing premium of 50 bps) over card rate for public, i.e., 100 bps over card rate for public.”</p>
<p>SBI launched the SBI Wecare Special Fixed Deposit Scheme in 2022 to provide customers greater interest rates on term deposits. This program is now open to both new deposits and maturing deposits.</p>
<p>Principal Elements of the SBI Wecare Senior Citizen Fixed Deposit Program</p>
<p>Deposit duration: The minimum and maximum investment terms are five and ten years, respectively.</p>
<p>Eligibility: This plan, which provides higher fixed deposit interest rates, is only available to seniors over the age of 60.</p>
<p>Interest Rate: The bank offers an additional 50 basis points (bps) of premium on top of the card rate that is offered to the general public, for a total of 100 bps of premium. 7.50% is the interest rate provided on SBI Wecare.</p>
<p>Rates for senior citizen fixed deposits from SBI: Currently, SBI offers senior citizens 0.50 percent more interest than the standard rate, while interest rates on traditional fixed deposits fluctuate between 3.50 percent and 7.50 percent for terms ranging from 7 days to 10 years.</p>
<p>Other banks that offer older citizens preferential deposit plans include:The interest rate on the HDFC Special Senior Citizen Care Fixed Deposit is increased by 0.25 percent. The senior investors on FD accounts already get a 0.50 premium in addition to this premium. Investors in the Senior Citizen Care FD plan thus get 0.75 percent more interest overall than normal customers.</p>
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