By Diversification in FD Choices: Not all banks provide identical interest rates on Fixed Deposits (FDs). Therefore, it is prudent to select a secure bank that also offers competitive interest rates. Both public and private sector banks actively welcome FDs from the public. In this context, let’s delve into the FD schemes and interest rates presented by the State Bank of India (SBI), the nation’s largest lender.
Fixed deposits are a familiar and traditional means of savings. By depositing money into an FD, one receives a predetermined amount along with interest over a fixed period. However, not all banks offer the same interest rates on FDs. Consequently, it is advisable to choose banks that not only provide safety but also offer attractive interest rates. Both public and private sector banks actively invite FDs from the public. In this context, let’s explore the FD schemes and interest rates offered by the State Bank of India (SBI), the country’s largest lender.
Introducing Amrit Kalash Special FD: SBI has recently introduced a new Fixed Deposit (FD) scheme named Amrit Kalash Special FD. Deposits made through this scheme yield higher interest than regular FDs, presenting an excellent opportunity for senior citizens. SBI is encouraging individuals to invest in this scheme, and the deadline for investment has been extended multiple times. As of now, the opportunity to invest in this scheme is available until March 31. This scheme, tailored for senior citizens, offers enhanced interest rates compared to regular FDs. The deadline for investment in this scheme is approaching, and interested individuals can obtain details by visiting their nearest bank branches.
Interest Rates: The Amrit Kalash FD scheme provides a competitive interest rate, offering around 7.10 percent interest on deposits for a tenure of 400 days. This rate surpasses the standard SBI FD rate. Senior citizens enjoy an even higher interest rate of 7.60 percent per annum. Both senior citizens and regular customers are eligible to invest in this scheme.
Additional SBI Schemes: In addition to the Amrit Kalash FD, SBI offers several other beneficial schemes for its customers.
Green Deposit: The SBI Green Deposit Scheme provides investors with the flexibility to choose a time frame of 1,111 days, 1,777 days, or 2,222 days. Currently available through the branch network, it will soon be accessible through digital channels like Yono and Internet Banking Services (INB).
SBI Best: This deposit scheme provides interest rates higher than regular FDs, offering 7.4 percent on two-year deposits and 7.10 percent on one-year deposits. Senior citizens are entitled to an additional percentage of interest on these rates.
SBI We Care: Introduced in 2020, this scheme is specifically designed for senior citizens, offering enhanced interest rates on FDs. An additional interest of 0.5 percent is provided on top of the standard card rate.
