SBI Fixed Deposits: Amrit Kalash and We-care available till 31st March 2024; should you invest?

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Also Read: SBI vs Bank of Baroda green fixed deposits: Check tenure, interest rate, and other details here The Amrit Kalash deposit scheme is a specific tenor FD offered with a tenure of 400 days. The interest rate offered on this FD is 7.10% p.a. (as of 13th March 2024).

The interest rate on other FDs of similar tenure (1 year to less than 2 years) is 6.80% p.a. Senior citizens are eligible for an interest rate of 7.60% p.a. on the Amrit Kalash FD.

The scheme is applicable for new and renewal of existing deposits. You can apply for the FD through a SBI branch, internet banking, or the YONO App. The depositor can avail of a loan against the FD.

Also Read: How to Open a Fixed Deposit without a Bank Account - Standalone FD The We-care deposit scheme is specifically for senior citizens.

SBI's purpose of introducing this FD is to protect the income of senior citizens by providing them additional interest on their term deposits. The minimum tenure of the FD is 5 years, and the maximum tenure is 10 years. The interest rate offered on this FD is 7.5% p.a.

Other depositors (age less than 60 years) get an interest rate of 6.5% p.a. on FDs of similar tenure. So, senior citizens get an additional interest rate of 100 basis points or 1% on the We-care FD.

The scheme is applicable for new and renewal of existing deposits. You can apply for the FD through a SBI branch, internet banking, or the YONO App. The depositor can avail of a loan against the FD.