SBI New FD Plan: It is called so. That more interest is offered on Fixed Deposit by private sector or small finance banks than government banks. But now this perception is about to change. Because government banks are also giving good returns on FDs. For example, the country's largest public sector bank, State Bank of India (SBI), offers an attractive investment scheme called 'We Care' (SBI WeCare Special FD) to senior citizens.

Money will double from this scheme of SBI

The money invested in this FD scheme can be Direct Double. In order to save the savings of senior citizens during the time of Kovid and to give high returns with most competitive interest rate, the bank has created WeCare FD (SBI WeCare Fixed Deposit). Investment can be made in this scheme of the bank till 30 September 2023. According to the SBI website, senior citizens should get an additional 0.50 percent interest rate. For FDs with a time period of five to ten years, this scheme offers interest at the rate of 7.50 percent.

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This is how FD Book can be done

Under this scheme, you can book FD online, through Yono App or by visiting the branch in person. You can take interest on FD on monthly, quarterly, half-yearly or yearly basis. You have to take care of this also. That interest will come on FD only after TDS is deducted. Interest rates on standard fixed deposits range from 3.50 percent to 7.50 percent for a period of 7 days to 10 years.

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Money will double in 10 years

By investing in this FD scheme, you will get double the money in 10 years. Suppose you have invested Rs 5 lakh. So you will get a return of more than 10 lakh rupees after ten years. Banks offer an interest rate of 6.5 per cent on standard FDs with a tenure of 10 years. You will get around Rs 5 lakh interest for that period.

Posted Date: August 23, 2023

Publish Date: August 23, 2023

Posted By Rahul Bhardwaj

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