State Bank of India Wecare Policy : Deposit Scheme for Senior Citizens The country's largest banker, State Bank of India (SBI), announce...
State Bank of India Wecare Policy : Deposit Scheme for Senior Citizens
The country's largest banker, State Bank of India (SBI), announced a special fixed deposit scheme for senior citizens called, SBI 'WECARE' Senior Citizens' Term Deposit scheme. The scheme has been made available for investment from 12 May 2020.
According to the bank, the scheme has been launched to provide a higher interest rate to senior citizens in the current falling interest rate scenario as this category of investors are usually dependent on interest income. The launch of this scheme comes in the wake of several banks cutting interest rates on fixed deposits and savings bank accounts due to the Reserve Bank of India (RBI) cutting repo rate and reverse repo rate.
- SBI Wecare Policy ( Deposit Scheme for Senior Citizens), Interest Rate and Calculator, How to apply online 2020
- Interest Rates of SBI Wecare Policy ( Deposit Scheme for Senior Citizens)
- How to Calculate Fixed Deposit of SBI Wecare Policy
- How to Apply Online for SBI Wecare Policy 2020
- Quick Links
- SBI Wecare Policy ( Deposit Scheme for Senior Citizens) FAQ
- What is the objective of SBI Wecare policy?
- What is the interest rate offering to senior citizens under the SBI Wecare Policy?
- Can I apply for the SBI Wecare Policy Offline?
- What is the eligibility criteria for applying the SBI Wecare Policy?
SBI (State Bank of India), has initiated a new fixed deposit scheme for the Senior Citizens. It is officially termed “SBI Wecare Policy,” specially designed for the Senior Citizens. Under this deposit scheme, the senior citizens can avail of an extra 30 basis points. This fixed deposit scheme is a great relaxation for the senior citizens opting for a fixed deposit plan because all the other banks have been offering the less basis point to that State Bank of India.
SBI Wecare Policy ( Deposit Scheme for Senior Citizens)
SBI Wecare Policy ( Deposit Scheme for Senior Citizens), Interest Rate and Calculator, How to apply online 2020
Interest Rates of SBI Wecare Policy ( Deposit Scheme for Senior Citizens)
- Under this scheme, the interest rates are 0.8% more than the interest rates applicable to the general public.
- The current rate of interest is 5.40 %, now for the general public.
- Whereas, under the SBI Wecare scheme, the senior citizens can avail of interest of 6.20%.
- For payment of interest, the investors can opt for monthly or quarterly payments.
- In case of special term deposits, the interest shall be paid on maturity, and adjustment of amount will be base on the TDS and gets credited to the investor’s account.
NOTE: Any change in the general public’s interest rate also changes the interest rate of the senior citizens covered under this scheme.
How to Calculate Fixed Deposit of SBI Wecare Policy
Let us have a look at the procedure for the calculation of the SBI Wecare Fixed Deposit Policy. This is for the Senior People who have applied for the SBI Wecare Policy.
- To Calculate the Fixed Deposit, on Home Page the applicants have to search for “Fixed Deposit Calculator” in the Search Bar.
- It then redirects the applicant to the below page .
- Now in the Redirected Page, enter the Principal the Amount and Duration.
- It then opens displays the Maturity Value along with the Interest Value as below.
How to Apply Online for SBI Wecare Policy 2020
Let us have a look at the step by step procedure for applying to Wecare Policy 2020 online.
- Visit the SBI Banking Official Portal.
- It redirects you to the Home Page Below.
- In the Home Page, Click on the Net Banking.
- It then redirects to the user to the Personal Banking Page.
- Enter the User Name & Password along with Captcha Code and Click on Submit.
- It displays the Home Page of the SBI Internet Banking.
- On the Home Page, Click on the Fixed Deposits
- It then expands into the drop-down.
- In the drop-down, Click on the e-TDR/e-STDR (FD), as shown below.
- It takes you to the given page below
- It opens up a new page displaying the below-given options.
- Select on the e-TDR/e-STDR (FD) as shown below and click on the Proceed.
- It shows you the Bank Account Details in the given below page.
- Select on the Savings Account Number.
- Enter the Amount in Indian Rupees in the below field on the page.
- Click on the Checkbox confirming you are a senior citizen ( Above 60 Years of Age).
- Also, select the Term and Tenure ( Years, Months, Dates) of the Deposits.
- Now, Select on the Maturity Instruction for your Term Deposit Account.
- Click on the Accept Terms and Conditions
- Verify all the details and Click on the Submit Button.
- It opens up a new page; on the new page, which shows all the details of the applicant that he/she has filled in the previous step.
- Scroll down the page and click on the option Yes, if you want your nominees to be mapped to your deposit account.
- Click on the Submit Button.
- It then opens up a new page that shows, your application has been successful.
Source : https://sbi.co.in/