This month, the SBI “We Care Deposit” programme expires. This offers 7.50% interest, but investments must be made for at least five years

On September 30th, the State Bank of India’s (SBI) “We Care Deposit” programme will come to an end

Senior citizens will receive extra interest under this programme on fixed deposits with terms of five years or longer.

What is the ‘Vcare Deposit’ scheme?

On deposits (FDs) with a duration of five years or more, an additional 50 basis points in interest would be offered under this SBI programme. This programme will only be available until September 30, 2023. The advantage will only be given to consumers who invest in this scheme during the allotted time.

Interest on Senior Citizens’ Term Deposits

On retail term deposits of less than five years, senior citizens earn 0.50% greater interest than the general public. 1% interest will be offered on FDs with a maturity of five years or longer under the “WeCare Deposit” programme. However, early withdrawals will not receive any further interest.

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Additionally, you can invest in SBI’s Amrit Kalash programme.

The State Bank of India (SBI) Amrit Kalash Fixed Deposit (FD) Programme is now active. Senior citizens receive 7.60% yearly interest under this, whereas everyone else receives 7.10% on FDs. One must invest in this fixed deposit programme for 400 days.

A unique retail term deposit, or FD, is the Amrit Kalash. Senior persons receive an interest rate of 7.60% in this, while regular residents receive an interest rate of 7.10%. A maximum FD of Rs 2 crore may be made in this.

In the Senior Citizens Savings Scheme, interest of 8.2% is being received.

Postal Service The Senior Citizens Savings Scheme offers an annual interest rate of 8.2%. In this, the account can be opened by going to the post office once the account holder has reached the age of 60 or more. However, a VRS participant who is older than 55 but under 60 can also open this account. This scheme’s maturity duration is 5 years. which implies that you must invest in this plan for five years.