SBI We Care: State Bank of India (SBI) has launched SBI Wekare Deposit Scheme for Senior Citizens. This scheme is for all senior adjacent to all senior years of age. In SBI’s plan, a higher rate on fixed deposits (FD) is available at a higher rate than normal. According to the bank, the scheme is available for investment till 31 March 2024. This is a good option for the elderly who want to protect their money and also earn good returns.
Specialty of SBI Wekare Deposit
The scheme is made for senior citizens who want risk -free investment. Since this scheme is being given by the government bank. So this scheme is completely safe.
Interest rate and investment period
The interest rates received in this scheme are 0.50% higher than normal FD. Meaning, if 6.50% interest is being received on SBI’s normal FD, then senior citizens will get 7% interest in this scheme. Those investing can choose a period between 1 year to 10 years, which will make them easier to plan according to their future needs.
How to invest?
To invest in this scheme, the age of senior citizens should be 60 years or more. Any interested person can invest in SBI branch or through online banking. For this, documents like age certificate, Aadhaar card or PAN card and address proof will have to be given.
Benefits of this scheme
More interest rate – Senior citizens get more interest than normal FDs.
Investment period – There will be an option to choose a period from 1 year to 10 years.
Quarterly interest payment – If the investor needs interest every three months, then this facility is also available.
Safe and reliable – Since this is SBI’s plan, the money is completely safe. Also, the Deposit Insurance and Credit Guarantee Corporation (DICGC) guarantees the deposits up to Rs 5 lakh.
SBI Vicare Deposit is a great option for senior citizens who want regular income even after their retirement. It is easy to have higher interest rates, safe investment and applying. If you or your family has a senior citizen, then this scheme can prove beneficial for them.
This scheme of mutual funds made Rs 10,000 SIP 28 lakhs in 10 years