SBI Special FD Scheme: Double Your Money By Investing In This Fixed Deposit (2024)

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The conventional wisdom used to be that fixed deposits (FDs) offered by government banks did not attract as much interest as those offered by the private sector or small financing banks. This belief has since altered, though, as government banks now also offer competitive returns on fixed deposits. For instance, the State Bank of India (SBI), the largest public sector bank in the nation, offers senior folks an appealing investment opportunity called "We Care" (SBI WeCare Special FD).

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The money invested in this FD strategy can directly double. In order to protect senior citizens' savings during the COVID pandemic and provide higher returns with the most competitive interest rate, the bank created the WeCare FD (SBI WeCare Fixed Deposit). The bank has extended older people's access to this unique FD programme until 30 September 2023.

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Senior folks are entitled to an additional 0.50 percent interest rate, according to the SBI website. For fixed deposits (FDs) with terms between five and ten years, this programme offers an interest rate of 7.50 percent. Under this programme, you can book an FD online, through the Yono app, or by going in person to the branch. You can get interest on the FD on a monthly, quarterly, half-yearly, or annual basis. Please be aware, nevertheless, that after subtracting TDS, the interest on the FD will be available. Interest rates for standard fixed deposits range from 3.50 percent to 7.50 percent for terms of 7 days to 10 years.

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Your money will double if you invest in this FD plan in 10 years. For instance, if you invest Rs 5 lakh, you will get back more than Rs 10 lakh after ten years. Since the bank offers a 6.5 percent interest rate on standard FDs with a period of 10 years, you will essentially earn roughly Rs 5 lakh in interest over the course of that time.

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The Amrit Kalash Special FD programme, which offers the greatest interest rate to both senior citizens and other consumers in comparison to FDs with varied tenures, has also had its length extended by SBI.

SBIState Bank of IndiaFDSfixed deposits