SBI “WECARE DEPOSIT “ THAT CARES FOR SENIOR CITIZENS

SBI  “WECARE DEPOSIT “ THAT CARES FOR SENIOR CITIZENS

State Bank of India (SBI) has launched a special fixed deposit (FD) scheme for senior citizens named as “SBI Wecare Deposit”.

The scheme has been launched keeping in view the welfare of the Senior Citizens of the country in view of the situation arising out of pandemic crisis and the future uncertainties. 
 

Some of the Senior Citizens that have retired from the high profile jobs has permanent source of income  by way of pension given by their respective departments, but that too does not fulfill their needs, the only thing that fulfills their needs is the saving that was being made by them during their lifetime.

However, there are other categories of senior citizens, which is quite huge in numbers that do not have any regular income in the form of pension or else . They are still doing some job to fulfill their daily needs or some are dependent on their children for their needs, and some are in old age shelter homes.

Keeping in view the interests of the Senior Citizens , State Bank of India (SBI) has launched this scheme. 

Some of the salient features of this scheme are:

  • The scheme has been launched in retail term segment for senior citizens in view of the current falling rate;
     
  • Under this scheme, additional 30 basis points premium (0.3%) shall be payable to senior citizen’s retail term deposit , applicable only for the schemes  having tenure of 5 years or above
     
  • The scheme shall remain in effect upto September 30, 2020
     
  • The rate of interest applicable on this scheme shall be as per the following table:
Criteria

For FD with tenure of below 5 years

For FD with tenure above  5 years

Rate payable

50 bps points higher than the rate that is applicable for the general public (0.50%)

80 bps points (0.80%) higher than the rate that is applicable for the general public (30 bps extra premium, 0.30%)

  • However this should be kept in mind by the people availing benefits under this scheme that no additional premium shall be payable in case of pre- matured withdrawals.
     
  • Also State Bank of India (SBI) has lowered interest rate on Fixed Deposits by 20bps that shall be effective from 12th May.
     
NOTE :  BPS (Basis Point ) is a common unit of measure for interest rates and other percentages in Finance.

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