SBI FD Interest Rate: Now you can avail the benefit of this high interest rate scheme by the end of the year, know the main things

State Bank of India (SBI) has pushed forward the Special FD Scheme (SBI VCare) for Senior Citizens. The bank launched the scheme to provide higher interest rates to senior citizens amid falling interest rates. At that time the bank had said that the scheme would be available till September 30, but now it has been extended. Now this plan will be available till the end of the year. Let us know what are the benefits of this scheme.

The special FD scheme offered by SBI Senior Citizens is named SBI Wecare Deposit. In this scheme, senior citizens are provided a higher rate of interest on their deposits. In this scheme, senior citizens get an additional interest rate of 0.30 percent on FD. At the same time, SBI is already providing an additional interest rate of 0.50 per cent to senior citizens on term deposits of all periods. In this way, senior citizens can avail an additional interest of 0.80 (0.50 + 0.30) percent on their FD by availing SBI VCare deposit.

These people can invest

A person 60 years or older can invest in SBI V Care. The scheme is for a period of 5 years or more. At the same time, the maximum deposit amount in this scheme is less than two crore. In SBI VCare deposits, no extra interest is paid on withdrawals before maturity. This scheme of SBI is now open till 31 December 2020. 

Rate of interest

By availing the SBI We Care Scheme, any senior citizen can get a total interest rate of 0.80% more on their deposits than ordinary citizens. After the latest amendment, SBI is providing 5.40 per cent interest rate to ordinary citizens on a five-year FD. If a senior citizen gets FD under special FD scheme, then the bank will offer 6.20 percent interest rate on the five-year FD.