State Bank of India (SBI) has different schemes for Fixed Deposit customers outside regular term deposit options.
Customers usually choose fixed deposits (FDs) as their major investment portfolio. They can receive decent returns and easy withdrawal norms whether they invest in the short term or long term. State Bank of India also offers special FD schemes to attract customers such as SBI Wecare for senior citizens, and SBI Amrit Kalash, which are limited tenure schemes that offer higher interest rates.
The last date to apply for SBI Wecare for senior citizens was June 30, 2023. However, the last date to apply for SBI Amrit Kalash is August 15, 2023.
SBI's latest rate for Fixed Deposit
SBI Fixed Deposits between the period of 7 days to 10 years give 3 per cent to 7.1 per cent return to general customers. For senior citizens, there will be 40 basis points extra on such deposits.
Here’s the chart of latest interest rates of Fixed Deposits:
|Tenors||Interest Rates (p.a.)|
|General Public||Senior Citizens|
|7 days to 45 days||3.00%||3.50%|
|46 days to 179 days||4.50%||5.00%|
|180 days to 210 days||5.25%||5.75%|
|211 days to less than 1 year||5.75%||6.25%|
|1 year to less than 2 year||6.80%||7.30%|
|2 years to less than 3 years||7.00%||7.50%|
|3 years to less than 5 years||6.50%||7.00%|
|5 years and up to 10 years||6.50%||7.50%|
|400 days (Amrit Kalash)||7.10%||7.60%|
SBI Amrit Kalash Deposit scheme
State Bank of India introduces a special high-interest rate FD scheme, i.e., Amrit Kalash. The last date to apply for the SBI Amrit Kalash is August 15, 2023. The special FD scheme has a 400 days tenure and offers an interest rate of 7.1 per cent to regular customers and 7.6 per cent to senior citizens.
SBI Wecare Deposit Scheme
Another special scheme for senior citizens is SBI WeCare. This scheme offers higher interest rates to senior citizens on tenures between 5 years to 10 years. The last date to apply for the SBI WeCare scheme is extended to September 30, 2023. This Wecare Deposit Scheme is available on new fixed deposits and renewal of maturing deposits. This offers an interest rate of 7.50 per cent.