State Bank of India (SBI), the country’s largest public sector bank, is offering its esteemed senior citizen customers the opportunity to invest in the SBI WeCare FD scheme. This scheme, launched in 2020, is tailored to the unique financial needs of senior citizens and offers an attractive interest rate of 7.5%. Notably, senior citizens receive 0.50% more interest than regular customers on their FD investments.
SBI WeCare FD Scheme
The WeCare FD scheme is designed for a flexible investment period of 5 to 10 years, providing senior citizens with a reliable avenue for wealth accumulation. Additionally, participants in this scheme can access loan facilities, enhancing their financial flexibility.
Under this scheme, the last date for investment is September 30, 2023, offering senior citizens a final opportunity to secure their investments at the advantageous interest rate. Investing in the SBI WeCare FD can lead to the doubling of invested capital in 10 years, making it an attractive option for senior citizens.
Flexible Investment Period of 5 to 10 Years with Loan Facilities
Currently, SBI Bank customers can enjoy a 7.5% interest rate on their WeCare FD, ensuring the doubling of invested funds within a decade. For instance, an investment of Rs 5 lakhs can grow to over Rs 10 lakhs upon maturity, with an additional Rs 5.5 lakhs earned as interest over the 10-year period. In comparison, SBI offers regular FDs with interest rates ranging from 3.50% to 7.60%.
Furthermore, ICICI Bank, a prominent private sector bank, also caters to senior citizens with its Golden Year FD, offering an attractive interest rate of 7.70% for investment periods exceeding 5 years.
