The State Bank of India (SBI) offers a special fixed deposit for senior citizens known as SBIWeCare, which gives higher interest rates to senior citizens for terms ranging from 5 to 10 years.
When is the last date to invest in SBI Wecare?
The last date to invest in SBI Wecare is March 31, 2024. The scheme is available on fresh deposits and renewal of maturing deposits.
Also read: Earn up to 7.6% on SBI Amrit Kalash special FD; check last date to invest, who is eligible
SBI offers 0.50% higher interest rates to senior citizens, interest rates on regular fixed deposits vary between 3.50% and 7.50% for tenures ranging from 7 days to 10 years. The bank offers 7.50% interest on SBI Wecare special FD.According to the SBI website, “Additional premium of 50 bps (over and above existing premium of 50 bps) over card rate for Public i.e., 100 bps over card rate for Public.”
| Tenors | Revised Rates for Senior Citizen w.e.f. 27/12/2023 |
| 7 days to 45 days | 4 |
| 46 days to 179 days | 5.25 |
| 180 days to 210 days | 6.25 |
| 211 days to less than 1 year | 6.5 |
| 1 Year to less than 2 years | 7.3 |
| 2 years to less than 3 years | 7.5 |
| 3 years to less than 5 years | 7.25 |
| 5 years and up to 10 years | 7.50* |
Under the special deposit scheme, senior citizens can earn rate of interest of 7.60% on 400 days tenure. The Scheme will be valid till 31-March-2024.
Under the green deposit scheme, senior citizens can earn 7.15% on tenure of 1111 Days and 1777 Days. The bank offers 7.40% on 2222 Days tenure on retail deposits.Under SBI Sarvottam term deposits, the bank offers an interest rate of 7.9 per cent for a tenure of two years. For a one-year tenure, the interest rate has been fixed at 7.60 per cent for senior citizens on retail deposits.
