DSBI has extended the Special Term Deposit Scheme till March 31, 2021.
SBI has extended the Vekar Special Term Deposit Scheme for Senior Citizens till March 31, 2021. Under this scheme, senior citizens will get maximum interest of 6.20 per cent on 5-year FD. SBI launched it only in May.
- Last updated:
December 14, 2020, 12:09 pm IST
The scheme was launched by SBI to enable senior citizens to earn more interest on their savings in this age of interest rates. Now once again the duration of this scheme has been extended. This special FD scheme for senior citizens will be open till the end of March 2021.
Also read: Fact check: Will Indian Railways really be private? Here is the truth
According to a statement on SBI’s official website, “SBI WeCare Deposits announced for senior citizens in the Retail Term Deposit segment will be charged at an additional rate of points 0 basis points over the current points0 basis.” This rate will be applicable on term deposits of 5 years or more. The SBI Ware Deposit Scheme will be extended till March 31, 2021.How much interest do you get on this plan?
SBI’s special deposit scheme for senior citizens will earn 80 basis points or 0.80 per cent more interest than usual. The bank currently offers 5.4 per cent interest on 5-year FDs for the general public. However, senior citizens will get 6.20 per cent interest under this special scheme for a period of 5 years.
Also read: Good news! 8.5 million interest will be credited to the crore crore PF account by the end of this month
This benefit will not be available if premature FD breaks
Under this scheme, additional interest of 30 basis points will not be paid in case of premature FD. However, even after breaking this FD 5 years ago, senior citizens will get 50 base points more interest than the general public. For them, the interest rate will be 90.90 percent.