State Bank of India, the country’s largest lender, has extended the special FD scheme for senior citizens. In May, the bank had announced this scheme to help its senior customers get a higher interest rate on their money in the times of falling interest rates in the economy.

The special FD scheme for senior citizens will be available until the year-end. Earlier the bank had announced that the scheme will be valid till 30 September.

SBI special FD scheme for senior citizens is available on fresh deposit and renewal of maturing deposits.

SBI said on its website “A special “ SBI Wecare” Deposit for Senior Citizens introduced in the Retail TD segment wherein an additional premium of 30 bps (over & above the existing 50 bps) will be paid to Senior Citizen’s on their retail TD for ‘5 Years and above’ tenor only. “SBI Wecare” deposit scheme stands extended till December 31.

SBI slashes interest on FD rates with effect from 10 September

The country’s largest lender, SBI, has revised interest rates on its fixed deposits (FDs) on select maturities, with effect from 10 September. The bank has slashed the interest rates on FDs for 1 year to less than 2 years by 20 basis points (bps). After the latest revision, these deposits will offer an interest rate of 4.9% to general customers and 5.4% to senior citizens.

An interest rate of SBI special FD scheme for senior citizens

SBI special FD scheme for senior citizens will fetch 80 basis points (bps) interest rate above the rate applicable to the general public. After the latest revision, SBI gives a 5.4% interest rate on five years FD for the general public. If a senior citizen puts a fixed deposit under the special FD scheme, then the interest rate applicable to the FD will be 6.20%.

This additional interest i.e. 30 bps under the special scheme for senior citizens will not be payable in case of premature withdrawal of such deposits. Therefore, if you opt for premature withdrawal of an FD under the scheme, your fixed deposit investment will fetch only 5.9% i.e. 50 bps above the general customers.
Mean-while, India has recorded 92,071 new cases of the coronavirus, taking total cases to 4.85 million, the health ministry said on Monday, informed the Union Ministry of Health and Family Welfare.

With this latest spike, the coronavirus cases across the country stand at 48,46,428. As per the Health Ministry, there are 9,86,598 active cases while 37,80,108 patients have been cured/discharged/migrated.

The world’s second-most populous country lags only the United States globally in the overall number of infections, but it has been reporting more daily cases than the United States since mid-August.

The country in the last 24 hours reported 1,136 deaths due to the pathogen taking the overall toll to 79,722.

As per the Ministry, Maharashtra continues to be the worst affected State from the infection with 2,80,138 active cases while 29,115 patients have succumbed to the virus in the State. Andhra Pradesh comes second with 95,733 active cases and 4,846 deaths.

Tamil Nadu has a total of 47,110 active cases and 8,307 deaths whereas Karnataka has 97,834 active cases and 7161 fatalities due to the pathogen.

Delhi has a total of 28,059 active cases and 4,715 fatalities due to COVID-19.