Bank fixed deposits are currently a popular choice for those seeking fixed and secure returns. Depending on your financial situation, you can choose from various investment tenures, each offering different interest rates.
Many banks have introduced special FD schemes, including the largest public sector bank, SBI. Let’s take a look at the interest rates and benefits offered by these special fixed deposit schemes provided by SBI.
SBI Amrit Kalash Scheme: This term deposit scheme has a tenure of 400 days and is open to Indian citizens. It offers 7.10% interest to the general public and 7.60% interest to senior citizens.
Customers can invest in this FD scheme until September 30, 2024, and premature withdrawal is allowed with a possible reduction in interest rates ranging from 0.5% to 1%. The interest is credited on a monthly, quarterly, half-yearly, or yearly basis after deducting TDS.
SBI Amrit Vrishti Scheme: With a tenure of 444 days, this scheme offers 7.25% interest to regular investors and 7.75% interest to senior citizens. This scheme became effective from July 15, 2024, and is available to both Indian citizens and non-resident Indians.
Customers can deposit up to Rs. 3 crores and receive interest on a monthly, quarterly, half-yearly, or yearly basis. Loan facility is also available under this scheme. The scheme is open until March 31, 2025.
SBI Best FD Scheme: This scheme offers competitive interest rates for short-term deposits. Investors can earn 7.10% interest on one-year deposits and 7.40% interest on two-year deposits. Senior citizens enjoy higher rates at 7.60% for one year and 7.90% for two years.
SBI VCare FD Scheme: This special scheme offers high interest rates to senior citizens over five-year and ten-year time frames. Senior citizens can enjoy a 7.50% interest rate under this scheme.