SBI “WeCare” Deposit Scheme; An Exclusive Scheme for Senior Citizens

Are you a senior citizen and are worried of the lowest interest rates offered by the banks! Here’s a good news for you!!

India’s largest Public Sector Bank SBI launched “WeCare”Deposit Scheme on May 12, 2020 with a view to safeguard the income of senior citizens. To protect their interests,SBI has extended this scheme several times and as per the latest update, the last date to apply for this scheme is September 30, 2021.

So if you are an SBI Customer and wishing to deposit in this scheme Hurry!! The Last date is nearing!! It is at the discretion of SBI to extend the scheme or not further.

Let’s discuss SBI WeCare Scheme in detail-

1.It is applicable for those who are aged 60 or above.

2.It can be opened online(Internet Banking), Yono app or through the Branch. But age Proof is mandatory.

3.The interest rate applicable is 0.30%(30 Basis Points)over and above the existing interest rate of 50 Basis Points(0.5%). That means the senior citizen is entitled to receive 80 Basis Points(0.8% extra)over the normal FD Rates applicable to the General Public.

4.The deposit will be locked for a minimum of 5 Years and maximum of 10 Years, depending on the tenure selected by the senior citizen. But it should be kept for 5 Years Minimum, later on , on the discretion of the depositor

5.The interest rate applicable under this scheme, as of now is 6.20%(It may change from time-to-time)where the normal customer would be entitled 5.40% at this moment.

Pre-Mature Withdrawal conditions

  1. If the senior citizen wishes to withdrawal prematurely , a 0.50% Penalty would be levied on the interest rate applicable.
  2. The additional benefit of 30 Basis Points(0.30%) would not be payable, if the depositor withdraws prematurely.

If you want a guaranteed income and looking for safe investment avenues SBI WeCare is one of the best options. By agreeing to all the terms and conditions of the bank(Like Premature Withdrawal conditions)You may apply for the scheme through Yono app and/or internet banking or simply visit your branch and avail the service.

But Please remember the last date to apply for this scheme is 30September,2021. It may be extended or not based on banks discretion. So Hurry!

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