In a bid to cater to the financial needs of senior citizens, the State Bank of India (SBI) has been offering a special savings scheme known as the "SBI WeCare Deposit Scheme". Designed to provide additional financial security to elderly citizens, this scheme offers exclusive benefits for those aged 60 years and above. Originally introduced in 2020, the scheme is available for investment till September 30, 2023.
Higher interest rates
Under the SBI WeCare Deposit Scheme, senior citizens can get enhanced interest rates on fixed deposits (FDs) with tenures of five years and above. Notably, these rates are substantially higher than what regular depositors receive. Senior citizens who invest in this scheme are entitled to a 0.50 percent higher premium over the already elevated 0.50 percent premium offered to resident senior citizens, totalling an additional 1 percent interest on their deposits.
Offering additional interest on term deposits, the scheme helps elderly individuals maintain a steady income stream, which is especially important during retirement.
Flexible investment tenures
Senior citizens can choose to invest in this special FD scheme for a minimum of five years or a maximum of 10 years. This flexibility ensures that individuals can tailor their investments to align with their financial goals and retirement plans.
Important note: No tax benefits
It's important to note that the SBI WeCare Scheme does not offer any tax benefits. While it provides enhanced interest rates, the scheme does not qualify for tax deductions under Section 80C of the Income Tax Act.
SBI Senior Citizen FD rates
SBI offers 0.50 percent higher interest rates on fixed deposits to senior citizens compared to regular FD rates. Regular FD interest rates vary between 3.50 percent and 7.50 percent for tenures ranging from 7 days to 10 years.
Here are the FD rates offered by SBI:
| General Public | Senior Citizen | |
| Tenors | Rates w.e.f. 15/02/2023 | Annualised Yield | Rates w.e.f. 15/02/2023 | Annualised Yield |
| 7 days to 45 days | 3% | 3% | 3.5% | 3.5% |
| 46 days to 179 days | 4.5% | 4.5% | 5% | 5% |
| 180 days to 210 days | 5.25% | 5.35% | 5.75% | 5.88% |
| 211 days to less than 1 year | 5.75% | 5.88% | 6.25% | 6.4% |
| 1 Year to less than 2 years | 6.8% | 6.98% | 7.3% | 7.5% |
| 2 years to less than 3 years | 7% | 7.19% | 7.5% | 7.71% |
| 3 years to less than 5 years | 6.5% | 6.66% | 7% | 7.19% |
| 5 years and up to 10 years | 6.5% | 6.66% | 7.50% (Including additional premium of 50 bps under ”SBI We-care” deposit scheme) | 7.71% |
| 400 days (Special Scheme i.e. Amrit Kalash”) | 7.1% | 7.29% | 7.6% | 7.82% |
(Source: SBI website)
Additionally, SBI also offers the 'Amrit Kalash' FD scheme, which offers a specific tenure of 400 days. The interest rate offered is 7.10 percent for the general public, while senior citizens can get an interest rate of 7.60 percent. The scheme is valid till December 2023, according to the SBI website.
FAQs
Senior citizens are eligible for a higher interest rate of 7.60%. The scheme will remain valid until September 30, 2024. SBI Green Deposit: SBI has introduced the "SBI Green Rupee Term Deposit" to encourage deposits that support the bank's financing of green initiatives.
Which FD scheme is best for senior citizens in SBI? ›
SBI Amrit Kalash is a tenure specific term deposit scheme offered to domestic and NRI depositors for tenures of 400 days. Under this scheme, senior citizens are offered FD interest rates at 7.60% p.a. This scheme can be availed through SBI branch, internet banking and SBI YONO mobile banking app.
What is the SBI special term deposit scheme? ›
Special Term Deposit (STD) Account can be opened in the same way as the Term Deposit Account. The interest on the STD Account is compounded at quarterly intervals and principal and interest are paid on maturity. Minimum and maximum period of deposit may be 7 days and 120 months respectively.
What is the interest rate for SBI tax saver FD for senior citizens? ›
The tenure of investment in the scheme is from 5 years to 10 years. The SBI tax saving FD interest rates as of 2024 are 6.50% for general citizens and 7.00% for senior citizens. You cannot prematurely withdraw the funds. You do not have the facility to avail of a loan against this scheme.
What is the special FD for senior citizens? ›
Senior citizen fixed deposit (FDs) are term deposit plans with exceptional interest rates available to individuals over the age of 60. Apart from the additional 0.40% p.a. rate of interest, these fixed deposit accounts offer a wide range of benefits to older residents.
What is the interest rate for senior citizen scheme in SBI? ›
SBI senior citizen FD latest rates
State Bank of India (SBI), the country's largest lender, offers an interest rate between 4% to 7.50% for tenure ranging from 7 days to 10 years. On a 5-year tenure, SBI offers 7.25% to senior citizens. These rates were last revised on 27 December 2023.
How many years FD will double in SBI for senior citizens? ›
How much time it takes to double the money with SBI FD. The online SBI Fixed Deposit calculator shows that senior citizens can double their money by booking an FD for a 10-year tenor. For example, if a senior citizen deposits Rs 50,000 in the 10-year SBI FD, it will grow to Rs 1,05,117 in 10 years.
What is the minimum tenure for fixed deposit in SBI? ›
The minimum deposit tenure to open an FD account is 7 days. The maximum deposit tenure for an FD account is 10 years. The minimum deposit amount is Rs. 1,000.
What is the highest interest rate on FD for senior citizens? ›
Senior Citizen FD in India 2024. Senior Citizen Fixed Deposits (FDs) are term deposit plans with special interest rates offered to individuals who are over the age of 60. The rate of interest on senior citizen FDs in India ranges from 3.00% to 8.50% for tenures ranging from less than one year to more than five years.
Which bank gives 9.5 interest on FD? ›
Unity Small Finance Bank FD rates for senior citizens
At Unity Small Finance Bank, senior citizens can get up to 9.50 per cent on FDs of 1,001 days.
Senior Citizen FD Rates vs SCSS: Banks and NBFCs offer FD interest rates of 2.50-9.50% p.a. to senior citizens on tenures ranging from 7 days to 10 years. On the other hand, SCSS, which is a prominent investment tool, offers 8.2% interest.
Can I invest 30 lakhs in SCSS? ›
You can deposit money in your SCSS account only in a single payment. Thus, as an account holder you can operate more than one account under the scheme subject to the condition that the deposits in all the accounts taken together shall not exceed the maximum limit of Rs. 30 lakh.
