SBI gives good news to customer: get this benefit before September 30

Investment in this scheme is allowed till September 30. Under the SBI WECARE Deposit Scheme, senior citizens can avail enhanced interest rates if they keep their Fixed Deposits (FDs) for five years and above.

By News Next Live Last updated Sep 11, 2023 - 9: 35 am

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State Bank of India has introduced a special savings scheme called “SBI WECARE senior citizens scheme”. It was introduced in 2020. Investment in this scheme is allowed till September 30. A scheme designed to provide additional financial security to senior citizens, SBI WECARE Deposit Scheme offers special benefits to those aged 60 years and above.

Under the SBI WECARE Deposit Scheme, senior citizens can avail enhanced interest rates if they keep their Fixed Deposits (FDs) for five years and above. This rate of interest is considerably higher than what ordinary depositors receive. Senior citizens who invest in this scheme will get 1% more interest on their deposits.

SBI gives good news to customer: get this benefit before September 30 — Image Credit – Original Source

By offering additional interest on term deposits, this scheme helps senior citizens maintain a steady stream of income. This is important for retirement.

Flexible investment tenure:

Senior citizens can choose an investment tenure of minimum five years or maximum 10 years in this special fixed deposit scheme. This flexibility allows the investing individual to invest according to their financial goals and retirement plan.

No tax benefits for SBI WECARE deposit:

It should be noted that there is no tax benefit for SBI WECARE scheme. It provides enhanced interest rate, not tax exemption. It is important to note that this scheme is not tax exempt under Section 80C of the Income Tax Act.

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SBI ‘Amrit Kalash’ FD Scheme:

Apart from SBI WECARE , SBI has also introduced Amrit Kalash FD for the customers. It is a fixed term investment deposit of 400 days. In this, the interest rate offered to the general public is 7.10 percent, while senior citizens can get an interest rate of 7.60 percent. According to SBI website information, this scheme will be valid till December this year.

SBI Senior Citizen FD Rates:

SBI offers 0.50 percent higher interest rates on fixed deposits for senior citizens as compared to normal FD rates. Regular FD interest rates vary between 3.50 percent and 7.50 percent for tenures ranging from 7 days to 10 years.