State Bank offer interest rates in the range of 4% to 7.50% on SBI WeCare FD, depending on the tenue of deposits. The bank offers the highest interest rate of 7.50% on tenure of more than 2 years and less than 3 years.
State Bank of India (SBI) has extended the validity of two of its special fixed deposit (FD) schemes, SBI WeCare and Amrit Kalash, by another 6 months till September 6, 2024. The earlier deadline for subscribers to invest in these two popular FD scheme was March 31, 2024.
SBI WeCare, a special FD scheme for senior citizens, was launched in May 2020 and was valid until December 2020 initially. Thereafter, the scheme has seen several extensions.
SBI WeCare scheme is available on fresh deposit and renewal of maturing deposits. The scheme, which can be subscribed for 5-10 years period, was launched with an aim to protect income of senior citizens by providing additional interest on their term deposits.
SBI WeCare interest rate
State Bank offer interest rates in the range of 4% to 7.50% on SBI WeCare FD, depending on the tenue of deposits. The bank offers the highest interest rate of 7.50% on tenure of more than 2 years and less than 3 years.
Loan facility
One of the unique features of the scheme is that it offers loan facility to its subscribers.
Payment of interest
The interest is paid monthly and quarterly. On maturity, interest, net of TDS, shall be credited to customer account.
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SBI Amrit Kalash
In February 2023, SBI introduced this new retail term deposit scheme of specific tenor with benefit in terms of higher rate of interest. The deadline to apply for this FD was till March 31, 2023, but the bank extended its validity many times and now normal retail customers and senior citizens have time till September 30 to invest in this special FD.
“The specific tenor scheme of “400 days” (Amrit Kalash) at Rate of Interest of 7.10% w.e.f. 12- April- 2023. Senior citizens are eligible for rate of interest of 7.60%. The scheme will be valid till 30-September-2024,” according to SBI website.
“The interest shall be 0.50% to 1% below the rate applicable at the time of Deposits for the period Deposit has remained with the Bank or 0.50% or 1% below the contracted rate, whichever is lower,” according to the website.
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Payment of Interest
Term Deposits – At monthly/ quarterly/half yearly intervals Special Term Deposits- On maturity ii) Interest, net of TDS, shall be credited to Customer’s Account.
SBI FD rates
SBI has raised fixed deposit interest rates on products of certain tenures. Interest rates now ranges between 3.5% and 7% (except Amrit kalash) for general customers investing less than Rs 2 crore. For senior citizens, interest rates are in the range of 4% and 7.50%.
