highlights
Seniors can invest in this special FD program until September 30, 2023.
The program earns 7.50 percent interest on FDs with a term of 5 to 10 years.
You can book an FD via the app or in store.
New Delhi. It is said that there is not much interest in FD from government banks. Private banks or small financial banks grant more interest than state banks. But that is not the case, because now state banks also offer the opportunity to achieve enormous returns with fixed-term deposits. The country’s largest public bank, SBI, operates a special investment program for seniors, We Care (SBI WeCare Special FD).
Investing in this FD program can directly double the money. The bank had launched WeCare FD (SBI WeCare Fixed Deposit) with the aim of safeguarding seniors’ money during Covid and in return earning higher returns with the highest interest rate. The bank has stated that seniors can invest in this special FD program until September 30, 2023.
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Opportunity to earn 7.50 percent interest
According to the SBI website, seniors receive an additional interest of 0.50 percent. The program earns 7.50 percent interest on FDs with a term of 5 to 10 years. With this scheme, you can book FD through netbanking, the Yono app, or by visiting the branch. Interest can be accrued monthly, quarterly, semi-annually or annually. Subsequent interest on FD is available after deducting TDS. SBI offers seniors a 0.50% higher interest rate. Interest rates on regular fixed deposits range from 3.50% to 7.50% for terms between 7 days and 10 years.
Earns 10 lakhs for a 5 lakh investment
With this FD program, your money will double in 10 years. That means if you invest 5 lakh rupees, after 10 years you will get more than 10 rupees. For 5 lakh rupees you get 5.5 lakh rupees in 10 years as interest. The bank pays interest at 6.5 percent on FD with a 10-year maturity on regular FD.
SBI also extended the final date of the Amrit Kalash FD program
In addition, SBI has also extended the term of the Amrit Kalash Special FD program. Under this program, SBI offers the highest interest rate for seniors and others compared to FDs of other terms.
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Tags: Bank FD, FD prices, fixed deposits, SBI Bank
FIRST RELEASED : Jul 19, 2023 10:24 AM IST
