SBI’s Special FD Scheme: If you’re considering investing in Fixed Deposits (FDs) to secure bumper returns, an important update awaits you. FDs provide guaranteed returns after a fixed duration, making them a popular choice for risk-averse investors.
The State Bank of India (SBI), the largest government bank in the country, introduced a special FD scheme for senior citizens known as ‘SBI WeCare’ in 2020. Under this scheme, senior citizen customers were offered an attractive interest rate of 7.50%.
What makes this scheme even more appealing is that it provides an additional interest rate of 50 basis points over the regular offering. In essence, SBI is extending a total interest rate of 7.50%, comprising the standard rate plus the extra 50 basis points.
Investment Periods
SBI’s commitment to its senior citizen customers extends further, as the bank is currently offering 50 basis points higher than the regular interest rate for investment periods ranging from 7 days to 10 years. This translates to interest rates varying from 3.50% to 7.50% for senior citizens.
However, it’s crucial to note that the opportunity for investing in SBI’s special ‘SBI WeCare’ FD scheme is closing soon. The last date for investing in this scheme is September 30, 2023. If you’re a senior citizen looking for a secure investment option with an attractive interest rate, don’t miss out on this limited-time opportunity. Secure your financial future with SBI’s special FD scheme before it ends this month.