We all should invest our savings in the scheme of a bank or a financial institution. If you also want to open an FD in the name of yourself or any family member, then you should take care of many things before that. Through this article, let us know in detail about an FD plan of the country’s largest public sector bank State Bank of India (SBI).
It is believed that private banks or small finance banks do not pay much interest on FDs. it’s not like that at all. Customers get very good returns on an FD of SBI, the country’s largest government bank. SBI is considered to be the largest public sector bank. This bank offers a special investment scheme to senior citizens, in which customers get many benefits. The name of this FD is ‘SBI WeCare Special FD’.
What is SBI V Care FD?
The SBI V Care FD was launched during the coronavirus pandemic. By investing money in this scheme, your money can be doubled. This scheme is mainly for senior citizens. The objective of this FD is to keep your funds safe and earn high interest as well as get the benefit of high-returns.
If you are thinking of investing in this scheme, then you should get this FD opened before 30 September 2023.
SBI V Care FD Interest Rate
With SBI We Care Fixed Deposit (SBI V Care FD), customers get higher interest as compared to other schemes. According to the SBI website, for a period of 5 to 10 years, the customer gets an interest of 7.50 per cent. At the same time, senior citizens get an additional interest of 0.50 percent. Customers can open this FD through net banking, Yono app or by going to the bank. TDS is deducted on this FD monthly, quarterly, and after 6 months or annually.
On regular FD, the customer gets interest between 3.50 to 7.50 for a period ranging from 7 days to 10 years.
SBI V Care FD Benefits
If you invest your money in this scheme then after 10 years your money doubles. Suppose you had invested Rs 5 lakh in this scheme in 2020 for 10 years. In 10 years, the bank gives you 6.5% interest, so in 10 years your interest income will be Rs 5 lakh. In this way your money doubles in 10 years.
SBI’s Amrit Kalash FD Scheme
Amrit Kalash FD scheme is also a very suitable scheme for senior citizens and other customers as compared to FD schemes of different tenures of State Bank of India. The bank has extended the period of this scheme. In this scheme too, very high-interest rate offers are available to the customers.
