New Delhi: People want to invest in schemes that can give good returns and are risk-free. Bank FDs have become a popular choice for such investors. Fixed deposits are a lucrative opportunity because they give decent returns and have no risk. To cater to commoners’ investment needs, financial institutions launch different schemes.
Following suit, the State Bank of India (SBI) has rolled out two exclusive fixed deposit (FD) schemes tailored to cater to the needs of retail investors, offering attractive interest rates that surpass those of regular FDs. (Also Read: Advance Income Tax Deadline Today: Check What It Is, Who Needs To Pay, & How To Pay)
Let’s delve into the features of these schemes, compare their interest rates with FDs from other banks, and more. (Also Read: Rajasthan Govt Cuts VAT On Petrol, Diesel; Hikes DA Of Employees By 4%)
SBI Amrit Kalash Deposit Scheme
Amrit Kalash Deposit Scheme: Tenure
The Amrit Kalash deposit scheme presents investors with a unique opportunity, featuring a tenure of 400 days.
Amrit Kalash Deposit Scheme: Interest Rate For General Investor
As of March 13, 2024, this FD offers an impressive interest rate of 7.10 percent per annum.
Amrit Kalash Deposit Scheme; Interest Rate For Senior Citizens
Senior citizens are in for an even sweeter deal, as they are eligible for an extra 0.5 percent i.e. 7.60 percent per annum on their Amrit Kalash FDs.
Amrit Kalash Deposit Scheme: How To Make Investment?
The scheme accommodates both new deposits and renewals of existing ones, with applications accepted through SBI branches, internet banking, or the YONO App.
Amrit Kalash Deposit Scheme: Loan Facility
Moreover, depositors can avail themselves of loans against their FDs.
SBI We-care Deposit Scheme
The We-care deposit scheme is exclusively designed for senior citizens, aiming to safeguard their income by offering additional interest on term deposits.
SBI We-care Deposit Scheme: Tenure
The scheme comes with a minimum tenure of 5 years and a maximum of 10 years.
SBI We-care Deposit Scheme: Interest Rate
This FD provides senior citizens with a competitive interest rate of 7.5 percent per annum. In contrast, depositors below the age of 60 receive a lower interest rate of 6.5 percent per annum for FDs of similar tenures.
SBI We-care Deposit Scheme: Benefits For Senior Citizens
Senior citizens stand to benefit from an extra interest rate of 1 percent or 100 basis points through the We-care FD.
SBI We-care Deposit Scheme: How To Make Investment?
Similar to the Amrit Kalash scheme, the We-care FD allows for new deposits and renewals, with application avenues including SBI branches, internet banking, or the YONO App.
SBI We-care Deposit Scheme: Loan Facility
Additionally, depositors have the option to secure loans against their FDs.
Deadline Of Both Scheme
Both the Amrit Kalash and We-care deposit schemes are open for investment until March 31, 2024.