State Bank of India’s special fixed deposit (FDs) schemes “SBI Amrit Kalash and “SBI WeCare” will stay open until March 31, 2024. So, those interested can hurry before the window closes. These FDs were extended several times, but it is unclear whether it will extend them further.

Here are the details of two schemes:

SBI Amrit Kalash:

The public sector bank offers a 7.1 per cent interest rate on Amrit Kalash FD to the general public and an additional 0.50 per cent (50 basis points) or 7.6 per cent to senior citizens. Its tenure is 400 days, and the annualised yield for senior citizens is around 7.82 per cent.

SBI introduced the Amrit Kalash FD on February 15, 2023, and the last date for subscription was March 31, 2023. The bank reintroduced it on April 12, 2023, setting the last date on June 30, 2023. It extended it again on September 30, December 31, and then until March 31, 2024.

This special FD scheme offers the highest interest out of all the bank’s callable FDs. SBI Amrit Kalash FD is open to all customers, including senior citizens. The interest payment frequency is monthly, quarterly, and half-yearly. However, one can also opt to receive the interest at maturity. The bank deducts tax (TDS–tax deducted at source) as per the tax slab rate and pays the interest net of tax to the depositor by crediting it directly to the bank account at maturity. Premature withdrawal is allowed in Amrit Kalash FD, and one can apply for a loan against it.

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SBI WeCare:

SBI WeCare FD for senior citizens was introduced on May 12, 2020. It was extended several times, with the latest extension until March 31, 2024. Unlike other FDs, it offers a 1.0 per cent additional rate to senior citizens, bringing the total to 7.5 per cent. SBI WeCare FDs are for the long-term, at least 5-10 years.

These FDs may be attractive to many in the current interest rate scenario. One can receive interest payments on a monthly, quarterly, or on maturity. TDS will be applicable on the interest amount, but seniors can submit ‘Form 15H’ to the bank to avoid a TDS deduction if they don’t fall in the taxable income category. A loan facility is available against SBI WeCare as well.

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You can open these FDs with a fresh deposit or renew them at maturity. One can visit the bank or use net banking or SBI’s YONO mobile banking app to apply for these schemes.