State Bank of India offers two special FD schemes for senior citizens, with a maximum interest rate of 7.60 per cent. These schemes come with special interest rates for specific tenures. If you were to deposit Rs. 1 lakh, you can calculate how much the deposit will grow to by maturity.
This is a great opportunity for senior citizens looking to earn constant interest on their money deposited in the bank. SBI offers two distinct tenure term deposit schemes with higher interest rates for senior citizens. The “SBI We Care FD” scheme is specially designed for individuals above 60 years of age, and SBI also provides maximum interest rates through the “Amrit Kalash FD” scheme.
SBI WeCare FD Scheme
The SBI WeCare FD Scheme offers a maximum interest rate of 7.50 per cent and is specially designed for senior citizens. It is available until 30 September. The tenure of this scheme is 5 years, and it can be extended for another 5 years. For example, if you deposit 1 lakh rupees at an interest rate of 7.50 per cent, after 10 years, the total amount will be Rs. 1,74,370, resulting in Rs. 74,370 as interest.
SBI Amrit Kalash FD Scheme
The State Bank of India offers the Amrit Kalash Fixed Deposit Scheme, which has a maturity period of 400 days. This scheme is open to both senior citizens and common citizens. The bank has extended the deadline for this scheme several times due to its popularity, and currently, people can deposit money until September 30, 2024.
General customers will receive an interest rate of 7.10 per cent. In comparison, senior citizens over 60 will receive a higher rate of 7.60 per cent, which is 50 basis points higher than that offered to common citizens.
Under this scheme, fixed deposits can be withdrawn midway if needed. For example, a deposit of Rs 1 lakh in the name of a senior citizen will earn an interest of 7.60 per cent. Consequently, after a maturity period of 400 days, the interest earned will amount to Rs. 8,317, making a total of Rs. 1,08,317 available.
To get complete information about the schemes, please visit nearby branch channels or the official website of the SBI.
