State Bank of India (SBI) has extended the last date to apply for its WeCare special FD scheme for senior citizens. The scheme, which offers higher interest rates on tenures between five and ten years, aims to protect the income of senior citizens. According to the bank’s website, senior citizens are eligible for a rate of interest of 7.6% on the Amrit Kalash term deposit of 400 days. SBIWeCare is available on fresh deposits and renewal of maturing deposits, offering an interest rate of 7.5%. The bank has also extended the validity of the Amrit Kalash special fixed deposit scheme until August 15, 2023.
HDFC Bank and ICICI Bank have also announced special FD schemes for senior citizens. HDFC Bank’s Senior Citizen Care FD plan offers an additional premium of 0.25% over and above the existing premium of 0.50% for a tenure of five years, one day to ten years, with an interest rate of 7.75%. Meanwhile, ICICI Bank’s Golden Years FD offers an additional premium of 0.10% over and above the existing premium of 0.50% for a tenure above five years, with an interest rate of 7.50%. Both schemes have a validity period until July 7, 2023.
The COVID-19 pandemic has had a significant impact on the global economy, and senior citizens have been hit the hardest. These special FD schemes are an attempt by banks to provide additional financial security to senior citizens during these difficult times. With the extension of the validity period, senior citizens have more time to opt for these special FD schemes and secure their income for the long term. The schemes offer competitive interest rates, making them an attractive option for senior citizens looking to invest their savings.
