As of March 31, 2024, the State Bank of India (SBI) is offering a unique investment opportunity for senior citizens through its “WeCare FD Scheme.” Being the largest public sector bank in the country, SBI consistently introduces various schemes that not only provide financial security but also promise attractive returns for investors. The WeCare FD Scheme, specifically designed for citizens aged 60 and above, is set to close in just a few days.
Return on Investment
Under the WeCare FD Scheme, senior citizens enjoy an interest rate that is 0.50% higher than that offered to regular citizens. Currently, the scheme provides a substantial interest rate of 7.50% on fixed deposits ranging from 5 to 10 years. Investors can start with a minimum deposit amount of INR 2 crores.
Key Features of the Scheme
Apart from the competitive interest rates, the WeCare FD Scheme offers additional benefits. Investors can avail an extra 0.80% interest on term deposits. The scheme also provides the convenience of managing investments and tracking returns through net banking and the Yono app. In addition to this, the scheme facilitates easy access to loans. Monthly and quarterly interest payout options are available, and in case of premature withdrawals, a penalty of 0.50% is applicable.
Closing Soon
It’s important to note that the WeCare FD Scheme, along with the Amrit Kalash Scheme, is approaching closure. The Amrit Kalash Scheme offers a 7.10% interest rate on FDs for 400 days, and there is no restriction on the investment amount.
Senior citizens seeking secure and rewarding investment options should consider the WeCare FD Scheme by SBI. With a stellar reputation and a history of catering to the financial needs of diverse customer segments, SBI continues to be a reliable choice for investors.
If you are a senior citizen looking for a lucrative investment avenue with the assurance of the State Bank of India, the WeCare FD Scheme is an opportunity not to be missed. Act fast and secure your financial future before the scheme concludes on March 31, 2024.