The State Bank of India (SBI) has extended till June 30, 2021 the 'SBI WeCare' retail term deposit scheme for senior citizens.
The scheme carries an additional interest of 80 basis points (bps) for term deposits (TD) with 5-10 years tenor. Other scheme for senior citizens offer 50 basis points higher interest than available to general public.
"A special "SBI Wecare" Deposit for Senior Citizens introduced in the Retail TD segment wherein an additional premium of 30 bps (over & above the existing 50 bps as detailed in the above table) will be paid to Senior Citizen's on their retail TD for '5 Years and above' tenor only. "SBI Wecare" deposit scheme stands extended till 30th June, 2021," the bank said.
Under the scheme, SBI offers an interest rate of 6.20 per cent for senior citizens for deposits with 5-10 years tenor as compared with 5.40 per cent for general public.
The scheme was introduced in May last year and was valid till September 2020 initially. This is the third extension for the scheme.