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The amount of interest received from government banks is much lower than the amount of interest received from private sector or small financing banks.

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There was a common perception about Fixed Deposits (FDs). But what is that? Fixed Deposits (FDs) offered by government banks do not earn much interest. And the amount of interest received from government banks is much less than the amount of interest received from private sector or small financing banks.

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But the time has come to change this belief. Because government banks also offer competitive returns over FDs. For example, State Bank of India (SBI) is the largest public sector bank in the country. This bank brings great investment opportunities for senior customers. Which is called We Care.

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SBI Wicare Fixed Deposit: Duration

The amount invested in this FD scheme will be doubled directly. SBI WeCare FD (SBI WeCare Fixed Deposit) has been developed to protect the savings of senior citizens during the Covid pandemic and to offer high returns with competitive interest rates.

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Senior customers can avail this unique FD program till September 30, 2023.

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SBI Wicare Fixed Deposit: Interest Rate

The SBI website says that senior citizens can avail an additional interest rate of 0.50 per cent. The program offers interest at 7.50 percent for FDs with tenors of 5-10 years.

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Under this, customers can do FD online or at the bank branch through Yono app. Interest on this FD can be earned on monthly, quarterly, semiannual or annual basis. It must be noted in this context that the interest on the FD will accrue after deduction of TDS. Meanwhile, the interest rates on standard FDs range from 3.50 percent to 7.50 percent for tenors of 7 days to 10 years.

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Investment and Return:

If invested in this FD plan for 10 years, the money will double. For example, if a customer invests Rs 5 lakh, he will get more than Rs 10 lakh as return after 10 years.

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Again, the bank pays interest at 6.5 percent on standard FDs with tenure of 10 years. As a result, the customer can earn 5 lakh rupees as interest during this period.