SBI is the largest bank in the country.
Imagine what it will be like when you start earning extra income at your neighborhood bank. Sir, this is possible with the special scheme of State Bank of India (SBI), and now country’s largest bank SBI has also extended its deadline. This scheme of SBI is also safe from investment point of view, i.e. full return is guaranteed with zero stress.
Here we are talking about SBI’s exclusive WeCare FD. SBI has extended the last date of ‘WeCare Fixed Deposit’. Now people can invest in this FD till 31 March 2024. Let us tell you its benefits…
Benefits of SBI WeCare
SBI V-Care FD is specially launched for senior citizens. In this he can make term fixed deposit for 5 to 10 years. The bank offers up to 7.5% annual interest in SBI’s V-Care FD. While in normal FD, SBI offers only 0.50% more interest than regular interest to senior citizens. Its duration ranges from 7 days to 10 years.
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Other banks also introduced special FDs
Not only SBI, many other banks in the country are also offering extra interest or special FDs to senior citizens. HDFC Bank, the country’s largest private bank, offers an additional 0.25% interest on ‘Senior Citizen Care FD’. It goes up to 7.75%. Similarly, in ICICI Bank’s ‘Golden Years FD’, senior citizens get an additional 0.50% interest. It is a maximum of 7.5 percent.
If you want to save income tax on investment in FD, you can apply for tax exemption under Section 15G or 15H of the Income Tax Act.