New Delhi, May 12: Amid the COVID-19 crisis, the SBI will give a higher interest rate to senior citizens under a fixed deposit scheme known as "SBI Wecare Deposit". The new scheme will be effective from Tuesday, May 12. Under this new scheme, additional 30 basis points will be payable to senior citizens with “5 years & above” tenor only. “To safeguard the interests of Senior citizens in the current falling rate regime, the Bank introduces a new product ‘SBI Wecare Deposit’ for Senior Citizens in the Retail TD segment," the bank said in a statement.

"Under this new product, an additional 30 bps premium will be payable for Senior Citizen’s Retail term deposits with “5 Years & above” tenor only. This scheme would be in effect up to September 30, 2020," it added. SBI Savings Account Interest Rate Cut by 25 Basis Points, To Fetch 2.75% Returns Per Annum.

The SBI will also offer an additional 50 bps interest rate thnt the rate applicable for the general public across all tenors. The senior citizens will get 3.8 percent to 6.5 percent on fixed deposits maturing in 7 days to 10 years.

SBI latest FD Interest Rates for Senior Citizens:

  • 7 days to 45 days - 3.8%

  • 46 days to 179 days - 4.8%

  • 180 days to 210 days - 5.3%

  • 211 days to less than 1 year - 5.3%

  • 1 year to less than 2 years - 6%

  • 2 years to less than 3 years - 6%

  • 3 years to less than 5 years - 6.2%

  • 5 years and up to 10 years - 6.5%

'SBI Wecare Deposit' Scheme will be valid up to September 30, 2020. Apart from Fixed Deposit, Senior Citizens can also open the Senior Citizens Savings Scheme (SCSS) account in SBI. This scheme currently offers 7.4 percent interest per annum and matures in five years.

(The above story first appeared on LatestLY on May 12, 2020 11:11 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).