The SBI We Care Scheme is offering higher interest rates and guaranteed returns to senior citizens, making it one of the most trusted fixed deposit (FD) options in India. Designed by the State Bank of India (SBI), the country’s largest public sector bank, this scheme not only ensures financial security for retirees but also beats many regular FD rates available in the market today.
If you are aged 60 years or above and looking for a low-risk investment plan that offers more than regular FDs, the SBI WeCare Deposit could be the perfect match.
SBI We Care Scheme
| Feature | Details |
|---|---|
| Scheme Name | SBI We Care FD Scheme for Senior Citizens |
| Eligibility | Resident Indians aged 60 years and above |
| Interest Rate | 7.50% per annum (as of April 2025) |
| Tenure | 5 years to 10 years |
| Minimum Investment | ₹1,000 |
| Maximum Investment | No upper limit |
| Premature Withdrawal | Allowed (with reduced interest benefit) |
| Application Mode | SBI Branch, Internet Banking, YONO App |
| Official Link | SBI WeCare Scheme |
The SBI We Care Scheme is a safe, reliable, and high-interest investment option for Indian senior citizens. With interest rates as high as 7.50% and the backing of a trusted institution like SBI, this FD scheme ensures peace of mind and stable income for elderly investors. Whether you’re planning for your retirement or helping your parents grow their savings, this is one scheme that deserves serious consideration.
What Is the SBI We Care Scheme?
The SBI We Care Fixed Deposit Scheme is an FD product exclusively designed for senior citizens. The goal is simple: to provide retirees and senior investors with extra income through higher interest rates, while keeping their money safe and accessible.
Here’s how it works:
- Regular senior citizen FD rates get a 0.50% premium.
- SBI WeCare offers an additional 0.50% on top of that.
- Total benefit? A 1.00% higher return than general public FD rates.
So, if a standard FD rate is 6.50%, a senior citizen investing under WeCare gets 7.50% annually.
Why Is It So Popular?
In today’s uncertain economy and falling interest environment, guaranteed returns are a blessing. This scheme gives senior citizens peace of mind with no stock market risks and stable monthly or annual income.
see also: How Much Return Will You Get on TD, MIS, RD, PPF, FD?
How Much Can You Earn With SBI We Care?
Let’s break it down with an example:
Example:
- Principal: ₹5,00,000
- Tenure: 5 years
- Interest Rate: 7.50% per annum
- Interest Option: Annual payout
Annual Return = ₹37,500 Total in 5 Years = ₹1,87,500
This is significantly higher than most small savings schemes or regular FDs offered by other banks.
Note: Actual returns may vary slightly based on compounding frequency and interest payout choice.
Benefits of SBI We Care Scheme
Higher Interest Rate
You get an additional 1.00% over standard FD rates, which adds up substantially over time.
Backed by SBI
India’s largest public sector bank offers trust and safety to investors.
Flexibility in Application
You can invest via branch banking, online net banking, or through the YONO app, making it senior-friendly.
Loan Facility Available
Need emergency cash? You can take a loan against your WeCare FD without breaking it.
Nomination Facility
पोस्ट ऑफिस सेविंग स्कीम: सिर्फ 5 हजार रुपए निवेश से बनाएं लाखों का फंड, नहीं है कोई जोखिम
Secure your family’s future by adding a nominee to your account.
How to Apply for SBI WeCare Fixed Deposit
Step-by-Step Guide:
Option 1: Through SBI Branch
- Visit your nearest SBI branch.
- Carry ID proof, address proof, PAN card, and age proof.
- Fill the FD application form.
- Submit a cheque or transfer funds.
Option 2: Through Internet Banking
- Log into SBI Net Banking.
- Go to Fixed Deposit section.
- Select “SBI WeCare FD”.
- Enter the amount and tenure.
- Confirm and submit.
Option 3: Through SBI YONO App
- Log in to YONO.
- Tap on “Investments > Fixed Deposits”.
- Select WeCare Scheme.
- Follow on-screen instructions.
Tip: Always verify interest rates at the time of booking as they are subject to periodic revisions.
Important Rules and Conditions
- Tenure restriction: Only for 5 to 10-year term deposits.
- Penalty on early withdrawal: You lose the extra 0.50% interest.
- No auto-renewal: Reinvestment must be done manually.
- Taxation: TDS applicable as per IT rules. Submit Form 15H if eligible for TDS exemption.
Who Should Invest in SBI We Care Scheme?
This scheme is ideal for:
- Retired individuals looking for monthly income
- Conservative investors who want zero risk
- Senior citizens without a pension
- Parents aged 60+ whom you want to support with safe income
If you fall under any of these categories, it’s worth booking an SBI WeCare FD.
Alternatives to SBI We Care Scheme
While SBI WeCare is a fantastic option, you may also consider:
- Senior Citizens Savings Scheme (SCSS): Interest rate ~8.2% (April-June 2025)
- Post Office Monthly Income Scheme (POMIS): ~7.4% interest
- HDFC Senior Citizen FD: Offers up to 7.75% in some tenures
- ICICI Bank Golden Years FD: Similar structure to SBI WeCare
Compare all options before deciding based on your liquidity needs, tax bracket, and investment horizon.
see also: Take Advantage of a Return of ₹4,83,147 in 5 Years
SBI We Care Scheme FAQs
Q1. What is the current interest rate of SBI WeCare FD?
As of April 2025, it is 7.50% per annum for senior citizens.
Q2. Can I withdraw my WeCare FD early?
Yes, but the additional 0.50% interest benefit will be forfeited.
Q3. Is there a maximum limit for investment?
No. There is no upper cap on deposit amount.
Q4. Can I open an SBI WeCare FD online?
Yes. Use Net Banking or the YONO app for easy online booking.
Q5. Is TDS deducted on the interest earned?
Yes, as per Income Tax rules. Submit Form 15H if you’re eligible for TDS exemption.
