State Bank of India has various special fixed deposit (FD) schemes apart from the regular term deposit option. Some of the schemes offered by the country’s top lender are SBI We Care for senior citizens, and SBI Amrit Kalash, a limited tenure scheme offering higher interest rates.
SBI FDs between 7 days to 10 years will give 3% to 7.1% to general customers. Senior citizens will get 50 basis points (bps) extra on these deposits.
7 days to 45 days – 3%
46 days to 179 days – 4.5%
180 days to 210 days – 5.25%
211 days to less than 1 year – 5.75%
1 year to less than 2 years – 6.8%
2 years to less than 3 years – 7.00%
3 years to less than 5 years – 6.5%
5 years and up to 10 years – 6.5%
400 days (Special Scheme i.e. “ Amrit Kalash”) 7.10
SBI Amrit Kalash Deposit scheme
The country`s largest lender State Bank of India (SBI) launched a specific tenor scheme of “400 days” (Amrit Kalash) in February. This special FD offers an interest rate of 7.6 per cent to senior citizens and 7.1 per cent to others for a tenure of 400 days. This is going to end on August 15.
SBI Wecare Deposit Scheme
State Bank of India (SBI) has extended its special fixed deposit scheme for senior citizens – SBI WeCare, which offers higher interest rates to the elderly on tenures between 5 years to 10 years. SBI WeCare has been extended to September 30, 2023. The scheme is available on fresh deposits and renewal of maturing deposits. The interest rate offered on SBI Wecare is 7.50%.
The country’s biggest bank SBI on Friday posted over a two-fold jump in standalone net profit at ₹16,884 crore for the first quarter of the current financial year, helped by a decline in bad loans and an improvement in interest income. SBI reported that its deposits grew at 12.00% YoY, out of which CASA Deposit grew by 5.57% YoY. CASA ratio stands at 42.88% as on 30th June 23.
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Updated: 04 Aug 2023, 02:32 PM IST
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