SBI WeCare FD Date Extended: Know The Details

The SBI WeCare scheme extended till March 31, 2025. The public sector bank last extended the date of the WeCare scheme in September 2024 to 31st December 2024. Now, the bank has yet again extended the last date for this special fixed deposit (FD) to March 31, 2025. The special term deposit scheme offers senior citizens an additional 1.00 per cent interest (100 basis points) instead of the typical 0.50 per cent (50 basis points) additional interest rate over the card rates available on other FDs.

SBI WeCare:

The scheme was launched in May 2020 for four months but has been extended several times later and now again for a period of three months to end on March 31, 2025. 

This fixed deposit is for a minimum of five years and can be done for a maximum of 10 years. The bank offers this with an aim to provide additional income to senior citizens and with the guaranteed interest, protect their income.

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All the terms and conditions of the FD remain the same. The bank pays interest on term deposits on a monthly and quarterly basis after deducting TDS (tax deducted at source) and then credits the amount to customers’ accounts.

The FD is for the long term and offers a loan facility. Customers can avail of loans against this term deposit. The interest rates are applicable on fresh deposits as well as on FDs being renewed within this extended period.

While the bank offers seniors a 50 basis points additional interest on all the other FD tenures, seniors can enjoy an additional 100 points in this FD, making it 7.5 per cent at present against the 6.5 per cent available to the public.

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Additional Information:

The bank’s other two special FDs are also valid until March 31, 2025.

Amrit Vrishti: This FD is for ‘444 days’ and offers 7.25 per cent to the general public and 7.75 per cent to senior citizens.

Amrit Kalash: The FD offers 7.10 per cent to the general public and 7.60 per cent to senior citizens. The tenure is short-term ‘400 days’ in this FD.

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While experts believe that RBI may start reducing the repo rate in the next financial year, seniors may book FDs for the long term if interest rates are attractive. Note that this is callable FD and can be booked for any amount below Rs 3 crore.