7.50 FD Interest Rate: Largest Govt-Owned Bank Extends Special FD Scheme Once Again

Leading public sector bank, State Bank of India has decided to extend its senior citizens special fixed deposit scheme. SBI introduced "WECARE" Senior Citizens term deposit program in May 2020 with the maturity date kept as September 2020. The special FD scheme received several extensions and now it has been extended once again till June 30, 2023.

According to SBI's official website, "SBI takes pride in its association with Senior Citizens and introduces new Deposit Scheme "SBI WECARE' protecting their income by offering additional interest on Term Deposits."

The leading PSU bank stated that the purpose of "SBI WECARE' senior citizens term deposit scheme is to protect income of elderly by offering extra interest rate on their FDs.

SBI stated, "This product is a variant of Term Deposits but instead of Interest being paid out at a regular frequency during the period of deposit; here it is paid out only at the time of maturity. Regular interest is added to the principal and compound interest calculated and paid thereon."

Interest Rates Under SBI Wecare FD Scheme
The bank said, "Additional premium of 50 bps (over and above existing premium of 50 bps) over card rate for Public i.e., 100 bps over card rate for Public." The SBI Wecare FD Scheme is available in the tenors of 5 years to 10 years and senior citizens can fetch an interest rate of 7.50%.

Below are senior citizens FD interest rates:

SBI FD Interest Rates
It is worth noting that the senior citizens FD interest rates of SBI begins with 3.5% for FDs maturing in 7 days to 45 days and maximum interest rate goes to 7.5%. The bank offers regular citizens interest rates in the range of 3.00% to 6.50%.

Highest Interest Rate Under SBI Sarvottam
The bank offers higher interest rates under SBI Sarvottam for deposits less than Rs 2 crore. The interest rates came into effect on February 17, 2023. Senior citizens can fetch maximum 7.90% interest rate for FDs maturing in 2-years while regular citizens can get 7.40% interest rate. Meanwhile, for FDs for the tenor of 1-year, senior citizens can get 7.60% interest rate and regular citizens can get 7.10% interest rate.