Good News For Senior Citizens! SBI We-Care Deposit Term Has Been Extended

As senior citizens gets lumpsum amount during retirement and they won’t get regular income(except pension)thereafter, generally senior citizens rely on fixed deposits as they can’t take risk with their hard-earned money.

But the recent interest rates fall in bank fixed deposits makes them worrisome. At that time India’s leading public sector bank SBI has come out with SBI- We Care Deposit scheme; an exclusive scheme for senior citizens.

Under SBI We Care deposit scheme senior citizens would be entitled 0.80% additional interest(0.50% normal for senior citizens+0.30% extra under SBI We Care deposit scheme)But the condition attached is senior citizens would deposit for 5 years or more(maximum 10 years)under SBI We Care deposit scheme. If in any case the depositor(senior citizen)prematurely encashes his deposit before the maturity date, he will not be entitled 0.30% extra interest rate(exclusive interest rate under this scheme)

Initially SBI We Care Deposit was launched during covid times(2020) to protect the interests of senior citizens from falling interest rates. As the scheme offers additional interest and it is being offered by giant bank SBI, senior citizens shows interest to deposit their hard-earned money under this scheme.

As SBI We Care deposit scheme gets overwhelming response SBI increases the term(offer period- as it is a limited time offer)several times and finally as the offer period is getting closer to expire, finally SBI has decided to extend the scheme to “September 2022

So if you are a senior citizen and want to avail higher interest, you may consider “SBI We-Care” deposit scheme, but don’t wait for the last minute! The scheme is going to expire on September 2022. So rush to your nearest SBI Branch and avail the offer under this scheme.

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