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The largest public sector bank in the country- the State Bank of India (SBI) has launched a new senior citizens’ Fixed Deposit (FD) scheme ‘SBI Wecare Deposit.’ Under the new FD scheme, the senior citizens will be entitled to earn additional 30 basis points (bps) on retail term deposits of 5 years or above.
The additional return on deposits is offered to “safeguard the interests of senior citizens” amidst uncertainty caused by falling rate regime on the backdrop of coronavirus pandemic.
The SBI’s Wecare Deposit Scheme for Senior Citizen will be open till 30 September 2020.
Currently, the SBI offers 50 bps higher rates to senior citizens from that of the applicable rates for the general public. However, the new scheme will make senior citizens to enjoy 80 bps “premium” from regular applicable FD rates on the deposits of 5 years & above.
In case of premature withdrawal, the additional benefit of 30bps will not be transferred to the beneficiary.
| Tenors | Revised Rates For Public, w.e.f. 28.03.2020 | Revised Rates for Senior Citizens, w.e.f. 28.03.2020 | Revised Rates For Public w.e.f.12.05.2020 | Revised Rates for Senior Citizens, w.e.f. 12.05.2020 |
7 to 45 days | 3.5 | 4 | 3.3 | 3.8 |
46 to 179 days | 4.5 | 5 | 4.3 | 4.8 |
180 to 210 days | 5 | 5.5 | 4.8 | 5.3 |
211 to less than 1 year | 5 | 5.5 | 4.8 | 5.3 |
1 year to less than 2 year | 5.7 | 6.2 | 5.5 | 6 |
2 years to less than 3 years | 5.7 | 6.2 | 5.5 | 6 |
3 years to less than 5 years | 5.7 | 6.2 | 5.5 | 6 |
5 years and up to 10 years | 5.7 | 6.2 | 5.5 | 6.3 |
Furthermore, the bank has reduced interest rates on fixed deposits by 20 bps w.e.f. 12 May and also reduced SBI MCLR by 15 bps across all tenors from May 10, 2020.
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