The State Bank of India (SBI) has once again extended the deadline for its special fixed deposit schemes, SBI WeCare and Amrit Kalash. While both the schemes offer higher interest rates for senior citizens, SBI WeCare provides tenure of five to 10 years, while Amrit Kalash is for 400 days. The deadline for the former has been extended to September 30, 2023, and for the latter, it is August 15, 2023.  

SBI WeCare: 

SBI WeCare is a special FD scheme launched in 2020. The scheme’s deadline has been extended several times since. However, it has now been extended to September 30, 2023. This fixed deposit is allowed on fresh deposits as well as on renewals of the existing FDs maturing before the deadline. SBI WeCare’s minimum tenor is five years and the maximum is 10 years.

SBI WeCare offers and interest rate on of 7.50 per cent, with an annualized yield of 7.71 per cent, as per the SBI website. The scheme offers an additional premium of 50 basis points (bps) over and above the existing premium of 50 bps for senior citizens, taking the total to 100 basis points (bps), more than the interest rate offered to the public under the scheme at 6.50 per cent.

This fixed deposit scheme is aimed at providing an additional interest on term deposits to senior citizens while protecting their income. The interest is paid on a monthly or quarterly basis. The scheme also offers a loan facility against the FD.

SBI Amrit Kalash:

The scheme’s duration is of 400 days and offers a 7.60 per cent interest rate to senior citizens, 50 bps higher than the general public, according to the SBI portal.  

It opened for investment on February 15, 2023 after it was introduced in FY22-23. SBI has extended the deadline to August 15, 2023. The interest is compounded quarterly, with an annualized yield of around 7.82 per cent, as per SBI’s website.

For the general public, the interest is 7.10 per cent and the annualized yield is around 7.29 per cent. SBI offers interest rates ranging from 3.5 per cent to 7.60 per cent to seniors for tenures starting from seven days to 10 years. Amrit Kalash currently offers the highest interest rate among all other FD tenures of the bank.

Customers can subscribe these FD schemes by visiting an SBI bank branch, through net banking or SBI YONO mobile app before the extended deadlines.