SBI Bank’s Innovative Fixed Deposit Schemes for Customers
The State Bank of India (SBI) has recently introduced several enticing fixed deposit schemes to cater to both domestic and Non-Resident Indian (NRI) customers. With attractive interest rates designed to suit various demographics, these schemes aim to enhance savings opportunities. Among the latest offerings is the Amrit Vrishti scheme, which complements the previously launched SBI Amrit Kalash and SBI WeCare schemes. Let’s delve into the details of these innovative offerings.
SBI Amrit Kalash Yojana
The SBI Amrit Kalash Yojana is tailored for a term of 400 days and provides a competitive interest rate of 7.10% per annum for general customers, while senior citizens can enjoy a higher rate of up to 7.60%. Investors interested in this scheme must invest before the deadline of 30 September 2023. SBI’s website confirms that these rates have been effective since 12 April 2023.
SBI WeCare Scheme
Particularly designed for senior citizens, the SBI WeCare scheme offers an additional 50 basis points (bps) on the regular interest rates. This scheme is available for both new deposits and existing deposit renewals and will also remain valid until 30 September 2023. This makes it an appealing option for senior citizens looking to grow their savings safely.
SBI Amrit Vrishti Yojana
The SBI Amrit Vrishti Yojana is introduced for a duration of 444 days and offers an interest rate of 7.25%. This scheme also provides an added advantage for senior citizens, who can earn an additional 0.50% on their deposits. One notable feature of this scheme is the ability for investors to secure loans against their deposit amounts, enhancing liquidity. This scheme is available until 31 March 2025.
SBI Sarvottam Scheme
For customers with significant investment amounts, the SBI Sarvottam scheme caters specifically to them. It boasts higher interest rates than standard fixed deposits, offering 7.4% for a 2-year term and 7.10% for a 1-year term. Senior citizens can take advantage of an additional 0.50% interest rate enhancement, making it a premium choice for large depositors. This scheme is available for deposits ranging from ₹1 crore to ₹3 crore under the non-callable option.
SBI Green Rupee Term Deposit
In a move to promote eco-friendly initiatives, SBI has launched the Green Rupee Term Deposit Scheme. This scheme encourages investments in environmentally sustainable projects, offering a competitive interest rate of 6.65% for terms of 1111 or 1777 days, and 6.40% for a 2222-day term. Senior citizens can benefit from interest rates as high as 7.40%. Notably, there is no specific deadline for investments in this scheme, providing flexibility to investors.
Comparison of SBI Fixed Deposit Schemes
| Scheme Name | Term (Days) | Interest Rate (General) | Interest Rate (Senior Citizens) | Investment Deadline |
|---|---|---|---|---|
| SBI Amrit Kalash | 400 | 7.10% | 7.60% | 30 September 2023 |
| SBI WeCare | Varies | +0.50 bps on regular rates | +0.50 bps on regular rates | 30 September 2023 |
| SBI Amrit Vrishti | 444 | 7.25% | 7.75% | 31 March 2025 |
| SBI Sarvottam | 1-2 Years | 7.10%-7.40% | 7.60%-7.90% | Ongoing |
| SBI Green Rupee Term Deposit | 1111/1777/2222 | 6.40%-6.65% | Up to 7.40% | No deadline |
Choosing the right fixed deposit scheme with SBI not only ensures the safety of your investment but also provides attractive interest rates tailored for every type of investor. These initiatives highlight SBI’s commitment to supporting its customers while promoting savings and financial growth.
