INVC NEWS
New Delhi : The State Bank of India (SBI) has introduced changes to two of its schemes and announced additional interest rates for senior citizens. The first scheme is called SBI WeCare, which is specifically designed for senior citizens and offers higher interest rates on fixed deposits (FDs) with tenures ranging from 5 to 10 years. The SBI WeCare scheme was launched in 2022 to provide income security for senior citizens through high-interest FDs.
Investment Deadline:
If you are interested in investing in the SBI WeCare scheme, you have the opportunity to do so until September 30, 2023. This scheme is applicable for both fresh deposits and the renewal of matured deposits. Only senior citizens are eligible for this scheme, which offers attractive FD interest rates. The minimum investment period for this scheme is 5 years, and the maximum period is 10 years.
Interest Rate:
Under the SBI WeCare scheme, senior citizens are offered an interest rate of 7.50%. This interest rate is 0.50% higher than the rates offered to regular customers, whose interest rates on FDs range from 3.50% to 7.50% for tenures varying from 7 days to 10 years.
Expansion of Amrit Kalash Scheme:
The State Bank of India has also expanded its ‘Amrit Kalash’ special fixed deposit scheme for retail customers. This scheme offers a rate of 7.1% for retail customers and 7.6% for senior citizens on a 400-day FD, as mentioned on SBI’s website. The Amrit Kalash scheme, which was originally valid until June 30, has now been extended until August 15, 2023.
Investment Options:
To invest in either of these schemes, you can choose from the following options: visiting a bank branch, using internet banking, or utilizing the SBI YONO app.
Please note that the information provided is based on the details available up to my last knowledge update in September 2021. For the most accurate and up-to-date information, it is advisable to refer to the official SBI website or contact the bank directly.
