SBI Special FD Scheme: State Bank of India has once again increased the special fixed deposit of senior citizens. SBI had introduced VCare Senior Citizen Special FD on 20 May 2020, in which the investment date was given till September 2020. After this, the last time for investment was extended to 31 March 2023, which has now been increased to 30 June 2023.
According to the SBI website, the bank introduced special FD for senior citizens, so that along with the security of their income, they can get the benefit of higher interest. 50 to 100 basis points more interest is being given to senior citizens under special FD.
How much interest under special FD
Bank under this special FD, 7.50 percent interest is being given on the tenure of 5 years to 10 years. If you want to invest in this FD, you can book through bank branch, internet banking or Yono. This special FD has been introduced with the aim of protecting the income of senior citizens.
How much interest on which tenure
- Interest for 7 to 45 days tenure 3.5 per cent
- 5 per cent for 46 to 179 days tenure
- 5.75 per cent for 180 days to 210 days
- 211 days to 1 year 6.25%
- 1 year to 2 years 7.3%
- 2 to 3 years 7.5%
- 7 per cent for 3 to 5 years
- above 7.50 per cent for 5 to 10 years
Loan facility also
If someone invests in this FD scheme, then he is also given the facility of loan. According to the Income Tax Department, you will also have to pay TDS charge on the income.
These banks are also offering special FDs
Apart from SBI, the special FD interest of ICICI Bank will end on 7 April. Special FDs of HDFC and IDFC have not been updated.
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