Many people think that fixed deposits or FDs in government banks have lower interest rates as compared to private banks. But there is good news for senior citizens. You can get double benefit in fixed deposit scheme.
Many people think that fixed deposits or FDs in government banks have lower interest rates as compared to private banks. But there is good news for senior citizens. You can get double benefit in fixed deposit scheme. State Bank of India, the country's largest public sector bank, has introduced special investment schemes for senior citizens. The name is 'We Care' (SBI WeCare Special FD). Beneficiaries can get very lucrative benefits through this scheme. SBI has provided 'We Care FD' as a special protection to their senior citizens during Corona. This scheme will hit the market in 2020. Later, the deadline was extended three times in phases. The interest rate and returns in this scheme are very good. Currently this special FD scheme has been extended till September 30, 2023. According to the SBI website, senior citizens will get an additional 0.50 percent interest in this special FD scheme for senior citizens. The scheme offers 7.50 percent interest on fixed deposits with a tenure of 5-10 years. You can use net banking, yono app for this FD booking. Or contact the bank branch. Interest on this FD is available monthly, annually, semi-annually or quarterly. However, TDS will be deducted. In this scheme you can get double income in ten years.
