SBI will bring this marvelous FD scheme for its customers, earning so much more interest
The government has introduced several schemes for senior citizens during the Corona epidemic. Special schemes for this are also being run in the banks so that the senior citizens can meet their financial need in their final camp without any difficulty. The Senior Citizens Savings Scheme run by banks offers higher interest rates than other savings schemes. Every bank has different plans in this regard.
The country's top banks like State Bank of India (SBI), HDFC Bank, and ICICI Bank have fixed deposit (FD) schemes for senior citizens. Banks have launched special FD schemes for senior citizens. Investments can be made under this scheme till 30 September 2020.
SBI Fixed Deposit Scheme
SBI's special fixed deposit scheme for senior citizens is known as 'SBI V Care'. SBI launched the scheme on May 12. The investment in this scheme is for 5 years. A maximum of Rs 2 crore can be deposited in this scheme.
SBI's new VCare deposit scheme offers an additional 30 basis points of premium interest on deposits (FDs) of 5 years or more. This will be available only on the investment of senior citizens. Only customers who register under this scheme will get the benefit within the stipulated period.
- Interest on Term Deposit for Senior Citizens
- Senior citizens will get 0.50% higher interest than the general public on retail term deposits of less than 5 years.
- Retail term deposits of more than 5 years will earn 0.80% interest, with an additional 0.30%.
- However, no additional interest will be paid on withdrawals before maturity.
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