SBI Special FD Scheme: It is believed that public sector banks do not pay much interest on fixed deposits (FD) as compared to private sector banks or small finance banks. But it is not so because even in government banks now good returns are being received on fixed deposits. The biggest example of this is the country’s largest public sector bank, State Bank of India (SBI). Which provides attractive benefits to senior citizens in a special investment scheme named ‘SBI WeCare Special FD’.
Your money can be doubled
By investing in this FD scheme, the money doubles directly. The bank launched this We Care FD especially for senior citizens during the Covid pandemic. So that along with keeping their funds safe, they can also get high returns with higher interest rates on it. Now the bank has extended the availability of this special FD scheme for senior citizens till 30 September 2023. Let us know the benefits of WeCare FD-
Chance to get 7.50% interest
According to the SBI website, senior citizens are eligible for an additional 0.50 per cent interest rate. In the WeCare FD scheme, 7.50 percent interest rate is available on Fixed Deposit (FD) with a tenure of 5 years to 10 years. You can book FD under this scheme through net banking, Yono app or by visiting the branch. On which interest is received after deducting TDS on monthly, quarterly, half yearly or annual basis. The interest rate on Regular Fixed Deposit ranges from 3.50% to 7.50% for tenures ranging from 7 days to 10 years.
Would be so beneficial
By investing in this FD scheme, your money doubles in 10 years. For example, if you invest 5 lakh rupees as FD for a period of 10 years, then in these 10 years the bank gives you an interest of about 5 lakh rupees at an interest rate of 6.5 percent. Due to which your money doubles.
