SBI Bank's Top 5 Schemes Offering Competitive Interest Rates On Fixed Deposits, Check Details Here

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Wed, 11 Sep 2024 11:15:28 IST
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The State Bank of India (SBI) has introduced a range of special Fixed Deposit (FD) schemes offering attractive interest rates for both domestic and NRI customers. These schemes cater to various investor needs, including senior citizens, and come with flexible terms and competitive rates. SBI’s latest offering, the Amrit Vrishti scheme, joins other popular FD schemes like Amrit Kalash and WeCare, providing an opportunity for customers to earn higher returns on their savings. Below, we explore SBI’s top 5 FD schemes in detail.


1. SBI Amrit Kalash

The SBI Amrit Kalash scheme offers a 400-day tenure with an impressive interest rate. Here's how it works:

  • Interest Rate for General Citizens: 7.10% per annum.
  • Interest Rate for Senior Citizens: Up to 7.60% per annum.

This scheme is available for investment until September 30, 2023, and is open to all citizens. If you're looking for a medium-term FD option with solid returns, this might be the one for you.


2. SBI WeCare

The SBI WeCare scheme is designed specifically for senior citizens, providing an extra boost to their savings:

  • Additional Interest for Senior Citizens: 50 basis points (bps) above the regular interest rate.
  • Available for new deposits and renewals.
  • Valid until September 30, 2023.

This scheme ensures that senior citizens receive higher returns on their FDs, making it a popular choice for those looking for financial security in their retirement years.


3. SBI Amrit Vrishti Yojana

The newly launched SBI Amrit Vrishti Yojana is a 444-day fixed deposit scheme offering competitive interest rates:

  • Interest Rate for General Citizens: 7.25% per annum.
  • Interest Rate for Senior Citizens: An additional 0.50% interest, bringing the rate to 7.75% per annum.

Investors can also avail a loan against their FD in this scheme. The last date to invest in Amrit Vrishti is March 31, 2025, giving customers plenty of time to take advantage of this high-return FD.

4. SBI Sarvottam Yojana

The SBI Sarvottam Yojana is aimed at those who wish to invest large amounts and earn higher returns than standard FDs:

  • Interest Rate for 2-Year Tenure: 7.40% per annum.
  • Interest Rate for 1-Year Tenure: 7.10% per annum.
  • Additional Interest for Senior Citizens: 0.50% per annum, bringing the total to 7.90% for a 2-year FD.

This scheme is ideal for investors with deposits ranging from ₹1 crore to ₹3 crore, offering attractive rates for high-value deposits.


5. SBI Green Rupee Term Deposit

SBI's Green Rupee Term Deposit is a unique scheme supporting eco-friendly projects, providing attractive interest rates over long tenures:

  • Interest Rate for 1111 or 1777 Days: 6.65% per annum.
  • Interest Rate for 2222 Days: 6.40% per annum.
  • Senior Citizen Rates: Up to 7.40% per annum for 1111 or 1777 days.

Unlike the other schemes, the Green Rupee Term Deposit does not have a set deadline for investment, allowing more flexibility for eco-conscious investors.

SBI’s range of FD schemes, including Amrit Kalash, WeCare, Amrit Vrishti, Sarvottam Yojana, and Green Rupee Term Deposit, provide investors with a variety of options to choose from, whether they are looking for short, medium, or long-term deposits. With competitive interest rates and flexible investment periods, SBI is making FDs an attractive choice for both general citizens and senior citizens alike.

These schemes not only offer great returns but also cater to different financial needs, from saving for retirement to supporting eco-friendly initiatives. Explore these schemes and secure your financial future with SBI’s superhit FD offerings!