SBI We Care : State Bank of India (SBI) has started SBI WeCare Deposit Scheme for senior citizens. This scheme is for all senior citizens above 60 years of age. In SBI’s scheme, interest is available at a higher rate on fixed deposit (FD) than normal.Â
According to the bank, this scheme is available for investment till 31 March 2024. This is a good option for those senior citizens who want to keep their money safe and also want to earn good returns.
Features of SBI WeCare Deposit
This scheme is designed for those senior citizens who want risk-free investment. Since this scheme is being offered by a government bank, this scheme is completely safe.
Interest rate and investment period
The interest rates offered under this scheme are 0.50% higher than normal FDs. That is, if SBI is offering 6.50% interest on normal FDs, then senior citizens will get 7% interest under this scheme. Investors can choose a period of 1 year to 10 years, which will make it easier for them to plan according to their future needs.
How to invest?
To invest in this scheme, the senior citizen should be 60 years of age or above. Any interested person can invest in it by visiting the SBI branch or through online banking. For this, documents like age certificate, Aadhaar card or PAN card and address proof will have to be submitted.
Benefits of this scheme
Higher interest rates – Senior citizens get higher interest than normal FDs.
Investment period – There will be an option to choose a period from 1 year to 10 years.
Quarterly Interest Payment – ​​If the investor needs interest every three months, this facility is also available.
Safe and reliable – Since this is an SBI scheme, the money is completely safe. Also, the Deposit Insurance and Credit Guarantee Corporation (DICGC) gives a guarantee on the deposit amount up to Rs 5 lakh.
SBI WeCare Deposit is an excellent option for senior citizens who want regular income even after their retirement. It has high interest rates, safe investment and easy application process. If you or someone in your family is a senior citizen, then this scheme can prove beneficial for them.
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