SBI We Care: State Bank of India (SBI) has started the SBI WeCare Deposit Scheme for senior citizens. This scheme is for all senior citizens above 60 years of age. In SBI’s scheme, the interest rate on fixed deposit (FD) is higher than normal.
SBI We Care: State Bank of India (SBI) has started the SBI WeCare Deposit Scheme for senior citizens. This scheme is for all senior citizens above 60 years of age. In SBI’s scheme, interest is available at a higher rate on fixed deposits (FD) than normal. According to the bank, this scheme is available for investment till 31 March 2024. This is a good option for those senior citizens who want to keep their money safe and also want to earn good returns.
Features of SBI WeCare Deposit
This scheme is designed for those senior citizens who want risk-free investment. Since this scheme is being offered by a government bank. So this scheme is completely safe.
Interest rate and investment period
The interest rates available in this scheme are 0.50% higher than normal FD. Meaning, if SBI’s normal FD is getting 6.50% interest, then in this scheme senior citizens will get 7% interest. Investors can choose a period of 1 year to 10 years, which will make it easier for them to plan according to their future needs.
How to invest?
To invest in this scheme, the age of senior citizens should be 60 years or more. Any interested person can invest in it by visiting an SBI branch or through online banking. For this, documents like an age certificate, Aadhar card or PAN card and address proof will have to be given.
Benefits of this scheme
Higher interest rate – Senior citizens get more interest than normal FD.
Investment period – There will be an option to choose a period of 1 year to 10 years.
Quarterly interest payment – If the investor needs interest every three months, then this facility is also available.
Safe and reliable – Since this is an SBI scheme, the money is completely safe. Also, the Deposit Insurance and Credit Guarantee Corporation (DICGC) guarantees deposits up to Rs 5 lakh.
SBI WeCare Deposit is an excellent option for senior citizens who want regular income even after their retirement. It has high interest rates, safe investment and an easy method of application. If you or any senior citizen in your family is, then this scheme can prove to be beneficial for them.
