State Bank of India (SBI) has extended the deadline to apply for SBI WeCare, which offers higher interest to senior citizens for a tenure ranging from 5 to 10 years. Let us tell you that State Bank of India gives interest at the rate of 7.50% on SBI WeCare. According to the information given by the bank, now senior citizens can invest in this FD scheme till March 31, 2024.
Benefit of 0.50% more interest
SBI offers 0.50% higher interest rates to senior citizens. The interest rates on FD in this scheme are between 3.50% and 7.50% for the tenure ranging from 7 days to 10 years. Investors can submit Form 15G/15H for exemption from tax deduction under IT rules. Other banks offer special FDs for senior citizens HDFC Bank Senior Citizen Care FD The bank offers an additional premium of 0.25% over the existing premium of 0.50% for a tenure of 5 years 1 day to 10 years.
Opportunity to invest in HDFC Bank also
According to HDFC Bank website, this offer is valid till 7 November 2023. HDFC Bank offers interest rates for senior citizens ranging between 3.5% to 7.75%. ICICI Bank offers an additional premium of 0.10% over the existing premium of 0.50% on Golden Years FD for tenures above 5 years. The interest rate offered under the scheme is 7.50%. The last date to invest is April 30, 2024. ICICI Bank offers interest rates for senior citizens ranging between 3.5% to 7.65%. The highest interest rate of 7.65% is offered on tenures of 15 months to 2 years.
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