Navi Delhi: State Bank of India, the largest lender in the country, launched a Fixed Deposit Scheme in May 2020 during the Corona Crisis. Under this, senior citizens are paid an additional 0.30 per cent interest. The scheme is called SBI V Care Deposit Scheme. The scheme was to end in September 2021. However, now the term of the scheme has been extended till March 31, 2022. SBI has extended V Care scheme for the fifth time.
Under the V Care Deposit Scheme, senior citizens are paid an additional interest rate of 0.30 per cent above the applicable interest rate for minor term deposits of 5 years or more. Senior citizens can earn 0.80 per cent higher interest than usual by investing in V Care Deposit Scheme. SBI offers 0.50 per cent higher interest to senior citizens on term deposits than regular customers. The bank is currently offering 5.40 per cent interest on 5-year term deposits.
What are the conditions?
According to the information on SBI’s website, the benefit of additional interest received under SBI V Care Deposit will be available on new account and renewal. If you withdraw pre-maturity, you will not get additional interest. Not only that, you may have to pay a penalty of up to 0.50 per cent.
SBI generally offers 5.90 per cent annual interest on FDs to senior citizens. Now, if a senior citizen has made an FD in a V Care deposit scheme, he will get an additional interest of 0.30 per cent. In other words, senior citizens will receive 6.20 percent annual interest on a five-year FD. These rates are applicable from 8th January 2021. These interest rates apply to retail term deposits of less than Rs 2 crore.
Spend more money with debit card, then convert the amount to EMI
Sometimes when you go shopping, you can’t estimate the exact cost of the item. But after going to the billing counter, you realize that you have spent too much. If you have a debit card, you have to pay immediately. However, there are fears that this could lead to further cost overruns.
In such cases, State Bank of India has offered special facilities to its debit card holders. Accordingly, the customer can convert the amount to EMI without spending full money from the debit card. You can avail the EMI facility for purchasing consumer goods or after swiping a debit card at local shops. In addition, you can take advantage of this special feature when shopping on e-commerce portals like Amazon or Flipkart.
What is the benefit of the scheme?
You will not have to pay any processing fee if the amount spent on SBI debit card is converted to EMI. Also, no documents have to be submitted for this. The limit in your savings account will be undone once the shopping amount is converted to EMI.
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