SBI WeCare Vs SBI Amrit Kalash Vs SBI Senior Citizen: Choosing The Best FD Scheme For Senior Citizens: Interest Rates, Last Date To Apply, Tenor Periods, More

The special 400 days tenor scheme is being expanded by the bank to the end of this year. The fixed deposit scheme is offering a high interest of 7.60% to both domestic and NRI depositors.  You can avail the scheme until 31 December, 2023 through SBI branch, internet banking and SBI YONO mobile banking app.

Depositors can also avail loan facility under this scheme. Interest is paid out monthly and quarterly under the SBI Amrit Kalash Term Deposit scheme. 

The special fixed deposit scheme is tailored to meet the needs and demands of senior citizens and offer them a long term option. It has the tenor of at least five years to 10 years.

The FD scheme is available till September 30, 2023, which is offering an interest of 7.50%. It can be accessed through SBI branch, online banking and mobile banking app. Basically, you have the last month to apply for the scheme.

Payment of interest will be accrued at monthly/ quarterly interval.

Senior citizens saving scheme offers a high interest of 8.20% per annum.

The account shall be opened with a minimum deposit of one thousand rupees or any sum in multiple of one thousand rupees not exceeding Rupees Rs 30 Lakhs.

The depositor can extend the tenor for a further period of three years after the maturity period of five years.

Both the spouses can open single account and joint accounts with each other. The depositor may nominate a person or more than one person.

The scheme provides higher rate of interest, without pre-mature withdrawal facility.  It offers additional interest to senior citizens/ Staff/ Staff senior citizens.

The scheme is available only for resident individuals and non-individuals customers. Note that minors and NRI can’t subscribe to the scheme.  The minimum investment amount for retailers are Rs 15.01 lakh and maximum less than Rs 2 crore with a maturity period of 1 year.

It is offering 7.10% interest for retail investor along with 0.50% additional to senior citizens/Staff. Customers can’t withdraw pre-maturely the principal amount or renewal of deposit under the scheme. However, you can avail only demand loan against deposit with applicable margin.