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SBI Extends Deadline For Amrit Kalash And WeCare FDs: Know The Interest Rate For Senior Citizens

The State Bank of India (SBI) has again extended the deadline of its two fixed deposit (FD) schemes, SBI Amrit Kalash and SBI WeCare, which were to expire on March 31, 2024.

April 8, 2024
April 8, 2024
State Bank Of India

State Bank Of India

The State Bank of India (SBI) has once again extended the last date for subscribing to its special fixed deposit (FD) schemes, SBI Amrit Kalash and SBI WeCare, to September 30, 2024. These schemes have been extended effective April 1, 2024. All other terms and conditions of these FDs will remain the same. Here are the details.

Also Read: Withdrawal Of Concession For Senior Citizens Earns Railways Over Rs 5,800 Crore In Four Years: RTI

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SBI Amrit Kalash 

The Amrit Kalash FD has been extended many times since the launch of its first subscription drive from February 15, 2023, to March 31, 2023. It was reintroduced again from April 12, 2023, to June 30, 2023. Since then, it has been extended many times, including the latest once.

The last date now for subscribing to the scheme is September 30, 2024. The Amrit Kalash FD is open for both new and existing customers on renewal. According to SBI, one can book “Domestic retail term deposits, including NRI’s rupee term deposits of less than Rs 2 crore”.

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Tenure: The FD is for 400 days.

Rate of Interest: It provides 7.1 per cent to the general public and 7.6 per cent, or additional 0.50 per cent (50 basis points), to senior citizens.

Interest Payment: One can receive the interest monthly, quarterly, half-yearly, or at maturity. The interest is payable net of tax deducted at source (TDS).

Benefits: It is a callable FD, which means it can be withdrawn prematurely. There is also a loan facility available against this FD.

Also Read: Investing In Prevention: Why Seniors Need To Plan For Health Management

SBI WeCare

SBI WeCare was introduced in May 2020. Like the Amrit Kalash FD, SBI WeCare has also been extended several times. This FD is aimed at senior citizens.

Last Date: This FD is also open until September 30, 2024.

Eligibility: This FD is open only for senior citizens. However, unlike Amrit Kalash, only domestic term deposit is allowed in SBI WeCare FD.

Tenure: The minimum tenure is five years and maximum is 10 years.

Rate of Interest: Seniors can avail of 7.5 per cent on this FD, including the additional 0.50 per cent for seniors and a premium addition of 0.50 per cent, totalling 1.0 per cent (100 bps).

Payment Frequency: Seniors can choose to receive the interest monthly, quarterly or at maturity. The bank deducts TDS on the interest.

Benefits: This FD can also be used to avail of a loan.

Concluding the monetary policy committee (MPC) meeting last Friday, the Reserve Bank of India (RBI) decided to keep the benchmark repo rate unchanged at 6.5 per cent, noting that while inflation has come down significantly from its peak in 2022, there is a need to remain vigilant.

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Maximise Your Savings With Senior Citizen FD Rates

Fixed deposits are a secure investment option with attractive interest rates for senior citizens. Explore the highest FD rates across government banks, private banks, small finance banks, and corporate FDs to maximise your savings. However, also consider factors, such as tenure, credibility, premature withdrawal, senior citizen premium, and tax implications for an informed decision.

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