New Delhi: India's largest public sector bank State Bank Of India (SBI) has special FD schemes offering attractive rates of interest across various tenors. Out of the the two FD schemes SBI Wecare Senior Citizen FD Scheme, as the name suggests is tailor made for senior people while SBI Amrit Kalash FD Scheme is available for both the general public and the latter.
The Special FD scheme for Senior Citizen is a Domestic Term Deposit. The Minimum Period of Deposit is 5 years wile the Maximum Period of Deposit is 10 years. Loan facility is also available on this FD scheme while TDS can be availed at applicable rate as per Income Tax Act. Senior Citizen will get additional premium of 30 bps (over and above existing premium of 50 bps) over card rate for Public i.e. 80 bps over card rate for Public.
Payment of Interest for Term Deposit is at monthly/ quarterly interval; Special Term Deposit- On maturity Interest, net of TDS, shall be credited to Customer Account.
SBI Wecare Senior Citizen FD Scheme, which was launched in May 2020 and had an initial maturity date of September 2020, has got several extensions so far, the latest being September 30, 2023. SBI had launched the Special FD Scheme stating that the aim of the scheme is "Protecting income of Senior Citizens by providing additional interest on their Term Deposits."
SBI Extends Deadline for Amrit Kalash Deposit Scheme Application State Bank of India (SBI) has issued a circular announcing the extension of the last date to apply for the 400-day tenor Amrit Kalash Deposit Scheme. The initial deadline of August 15, 2023, has been rescheduled to December 31, 2023.
The SBI Amrit Kalash Deposit FD scheme offers 7.10 percent interest rates, while senior citizens will get 7.60 interest on the FD.
SBI Amrit Kalash Deposit Scheme The scheme is accessible to individuals falling under the following categories:
i) Domestic Retail Term Deposits including NRI Rupee Term Deposits (< Rs 2 crore)
ii) New and Renewal Deposits
iii) Term Deposit and Special Term Deposit only
