Senior citizens Scheme: In terms of investment, senior citizens trust fixed deposits the most. The reason for this is that most of the elderly do not want to take any kind of risk regarding money at this age, so they prefer schemes with safe investment and guaranteed returns.
Another advantage of FD is that you can invest in it for a period of 45 days to 10 years. Different interest rates are given on different terms. Banks mostly give 0.50% interest to senior citizens on FDs. But on an FD of SBI, 1% additional interest is being given to the elderly.
In such a situation, they can get good profit. Know about it here – You will get benefit in this special scheme. We are talking about WeCare FD scheme. The purpose of this special scheme of SBI is to secure the income of senior citizens by giving them additional interest on fixed deposits.
Investment can be made in this for 5 years and 10 years. Currently, senior citizens are getting up to 7.50 percent interest on SBI’s WeCare scheme. But if you withdraw the money before time, you will not be given the benefit of additional interest.
