SBI Wecare Policy ( Deposit Scheme for Senior Citizens), Interest Rate,Calculator,How to Apply 2020


SBI Wecare Policy ( Deposit Scheme for Senior Citizens), Interest Rate, Calculator, How to Apply 2020

SBI (State Bank of India), has initiated a new fixed deposit scheme for the Senior Citizens. It is officially termed “SBI Wecare Policy,” specially designed for the Senior Citizens. Under this deposit scheme, the senior citizens can avail of an extra 30 basis points. This fixed deposit scheme is a great relaxation for the senior citizens opting for a fixed deposit plan because all the other banks have been offering the less basis point to that State Bank of India.

SBI Wecare Policy ( Deposit Scheme for Senior Citizens)

SBI Wecare Policy ( Deposit Scheme for Senior Citizens), Interest Rate and Calculator, How to apply online 2020

In this article, we explain to you in detail about the SBI Wecare Policy Deposit Scheme, Interest Rate, Calculator, and online application procedure.

Interest Rates of SBI Wecare Policy ( Deposit Scheme for Senior Citizens)

  • Under this scheme, the interest rates are 0.8% more than the interest rates applicable to the general public.
  • The current rate of interest is 5.40 %, now for the general public.
  • Whereas, under the SBI Wecare scheme, the senior citizens can avail of interest of 6.20%.
  • For payment of interest, the investors can opt for monthly or quarterly payments.
  • In case of special term deposits, the interest shall be paid on maturity, and adjustment of amount will be base on the TDS and gets credited to the investor’s account.

NOTE: Any change in the general public’s interest rate also changes the interest rate of the senior citizens covered under this scheme.

How to Calculate Fixed Deposit of SBI Wecare Policy 

Let us have a look at the procedure for the calculation of the SBI Wecare Fixed Deposit Policy. This is for the Senior People who have applied for the SBI Wecare Policy.

  • To Calculate the Fixed Deposit, on Home Page the applicants have to search for “Fixed Deposit Calculator” in the Search Bar.
  • It then redirects the applicant to the below page .
  • Now in the Redirected Page, enter the Principal the Amount and Duration.
  • It then opens displays the Maturity Value along with the Interest Value as below.
SBI Wecare Policy ( Deposit Scheme for Senior Citizens)

How to Apply Online for SBI Wecare Policy 2020

Let us have a look at the step by step procedure for applying to Wecare Policy 2020 online.

SBI Wecare Ploicy ( Deposit Scheme for Senior Citizens)
  • It then redirects to the user to the Personal Banking Page, as shown below.
SBI Wecare Policy ( Deposit Scheme for Senior Citizens)
  • Enter the User Name & Password along with Captcha Code and Click on Submit.
  • It displays the Home Page of the SBI Internet Banking as below.
  • On the Home Page, Click on the Fixed Deposits
  • It then expands into the drop-down as below 
SBI Wecare Policy ( Deposit Scheme for Senior Citizens)
  • In the drop-down, Click on the e-TDR/e-STDR (FD), as shown below.
  • It takes you to the given page below 
  • It opens up a new page displaying the below-given options. 
  • Select on the e-TDR/e-STDR (FD) as shown below and click on the Proceed.
SBI Wecare Policy ( Deposit Scheme for Senior Citizens)
  • It shows you the Bank Account Details in the given below page.
  • Select on the Savings Account Number as given below.
SBI Wecare Policy ( Deposit Scheme for Senior Citizens)
  • Enter the Amount in Indian Rupees in the below field on the page.
  • Click on the Checkbox confirming you are a senior citizen ( Above 60 Years of Age).
  • Also, select the Term and Tenure ( Years, Months, Dates) of the Deposits.
  • Now, Select on the Maturity Instruction for your Term Deposit Account.
  • Click on the Accept Terms and Conditions 
  • Verify all the details and Click on the Submit Button.
SBI Wecare Policy ( Deposit Scheme for Senior Citizens)
  • It opens up a new page; on the new page, which shows all the details of the applicant that he/she has filled in the previous step.
  • Scroll down the page and click on the option Yes, if you want your nominees to be mapped to your deposit account.
  • Click on the Submit Button.
  • It then opens up a new page that shows, your application has been successful.

Quick Links 

State Bank of India Official Portal

SBI FD Interest Rate Calculator

Also Refer : SBI Pension Seva Portal

SBI Wecare Policy ( Deposit Scheme for Senior Citizens) FAQ

What is the objective of SBI Wecare policy?

The objective of SBI Wecare Policy is to avail the fixed deposit service to the senior citizens.

What is the interest rate offering to senior citizens under the SBI Wecare Policy?

The interest rate offering to the senior citizens applied for Wecare Policy is 6.20%.

Can I apply for the SBI Wecare Policy Offline?

Yes, you can apply for SBI Wecare policy offline visiting the nearest State Bank branch.

What is the eligibility criteria for applying the SBI Wecare Policy?

The applicant should be a senior citizen to apply for the SBI Wecare Policy.