India’s largest public sector lender, State Bank of India (SBI), provides attractive fixed deposit (FD) options with competitive interest rates. The interest rates for SBI fixed-term deposits range from 3% to 7.10% per annum for the general public, and from 3.5% to 7.60% per annum for senior citizens.

SBI offers two schemes with higher interest rates within a limited duration scheme – SBI WeCare for Senior Citizens and SBI Amrit Kalash.

SBI WeCare Senior Citizen FD Scheme:
The SBI WeCare Deposit Scheme is designed for senior citizens with a minimum tenure of five years.

Senior citizens who opt for this scheme are eligible to receive an additional 50 basis points (bps) of interest on top of the usual 50 bps premium given to them for other tenures. As a result, senior citizens who choose SBI WeCare will receive an interest rate that is 100 basis points higher than the rate provided to other depositors.

SBI WeCare will be available until September 30, 2023, offering an interest rate of 7.50%. This FD scheme can be accessed through an SBI branch, online banking, and the mobile banking app. It is available for new deposits as well as the renewal of maturing accounts.

Under this scheme, SBI also provides lending facilities to its depositors. Interest payments for SBI WeCare FD can be made either monthly or quarterly under the term deposit plan. The interest component of the SBI WeCare Special term deposit Scheme is compounded and only paid at maturity.

SBI Amrit Kalash:
SBI has introduced a special term deposit scheme available to both residents and NRI depositors for a 400-day term. This special FD offers an attractive interest rate of 7.6% for elderly citizens and 7.1% for others. It is important to note that this scheme will end on December 31, 2023. The scheme can be accessed through SBI branches, online banking, and the SBI YONO mobile banking app.

Under this scheme, depositors can also avail of the loan facility. The SBI Amrit Kalash term deposit plan offers monthly and quarterly interest payments. The interest on the SBI Amrit Kalash term deposit scheme is compounded and only paid when the FD expires under the special term deposit scheme.

Summary:
State Bank of India offers attractive fixed deposit options with competitive interest rates. The SBI WeCare Senior Citizen FD Scheme provides additional interest rates for senior citizens, while the SBI Amrit Kalash offers a high-interest rate for a specific term. Both schemes can be accessed through SBI branches, online banking, and the SBI YONO mobile banking app.

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