Generally senior citizens rely on fixed income instruments as they can’t take risk with their hard-earned money. But the recent falling interest rates worrying them a lot!
Protecting the interest of the senior citizens, India’s leading bank SBI launched “We Care” Deposit scheme with additional 0.30% interest in addition to 0.50% interest applicable to senior citizens. That means, a total of 0.90% extra interest would be applicable when compared to the regular customers(General Public).
SBI “We Care” was launched in may 2020 during the pandemic time. But keeping in view the spread of corona virus, SBI extended the scheme to September 2020 and as the covid emerges, SBI extends the scheme several times.
Till Now, SBI We Care deposit scheme is made available till September 2021 and as per the latest amendment it was extended till the end of the financial year(March 31st,2022).
So if anyone of the senior citizen wants to make use of this offer rush to your nearest SBI branch, prove yourself as senior citizens and make use of this offer.
But do remember this additional 0.90% interest would be applicable if the depositor holds the deposit for “5 Years”. If the senior citizen wants to prematurely encash the deposit, this additional interest would not be paid. Keep this in mind!
If you are not in a position to visit the bank branch , you can open sbi We Care deposit through internet banking or through Yono app. Try these at once!