As indicated by the data given on the SBI site, senior citizenss are given an extra interest of 30 bps on their retail term stores. The advantage of extra interest will be accessible to those clients whose deposits are for a long time or more.
As of now, SBI offers 5.4% loan cost on five-year FDs for the overall population. If a senior resident puts aside a decent installment under the extraordinary FD plot, then, at that point, the loan cost relevant on the FD will be 6.20 percent.
These rates are effective from 8 January 2021. If you choose to settle on untimely withdrawal of the deposit, extra premium may not be paid and you may likewise need to suffer a consequence of around 0.50 percent.
Allow us to let you know that the SBI WeCare scheme has been stretched out till 31 March 2022. This actually intends that there is a possibility till the following year to join this plan.
Here is the tenure and interest rate of the deposits
7-45 days - 3.4%
46-179 days - 4.4%
180-210 days - 4.9%
211 days - under 1 year - 4.9%
1 year - under 2 years - 5.5 percent
2 years - under 3 years - 5.6%
3 years - under 5 years - 5.8%
Up to 5-10 years - 6.2%
