SBI FD Scheme Overview
The State Bank of India (SBI), recognized as the largest public sector bank in India, is currently offering a range of fixed deposit (FD) schemes designed to maximize returns for its customers. With four distinctive FD schemes available, SBI aims to attract individual investors by providing competitive interest rates. These schemes are SBI Amrit Kalash, Amrit Vrishti, SBI Green Rupee Term Deposit, and SBI Sarvottam FD. Notably, the deadline for investing in the special 400-day fixed deposit scheme, ‘Amrit Kalash,’ is set for September 30, 2024. Initially launched on April 12, 2023, this scheme has experienced several extensions due to its growing popularity among customers.
SBI Special Fixed Deposit Schemes
1. SBI Amrit Kalash FD
The SBI Amrit Kalash FD scheme provides attractive interest rates of 7.1% for general customers and 7.6% for senior citizens. This rate is approximately 30 basis points (bps) higher than the interest rates offered on other general FD schemes of 1-2 years, which are currently at 6.8% for general customers and 7.3% for senior citizens. With a duration of 400 days, this FD scheme presents a great opportunity for investors looking for solid returns in a relatively short time. While there is a possibility that SBI may extend the investment period once more, no official announcements have been made yet.
2. SBI Amrit Vrishti FD
The SBI Amrit Vrishti scheme has a duration of 444 days and offers an interest rate of 7.25% for general customers. Senior citizens, on the other hand, can benefit from a more enticing rate of 7.75%. This scheme will remain available until March 31, 2025, making it a viable option for those looking to lock in their savings for a longer period while still receiving attractive returns.
3. SBI Green Rupee Term Deposit
The SBI Green Rupee Term Deposit scheme supports sustainability initiatives and is available for tenures of 1111, 1777, and 2222 days. In this scheme, retail deposits receive an interest rate that is 10 bps lower than the bank’s card rates, encouraging investors to partake in eco-friendly investments while still earning returns on their deposits.
4. SBI Best (Non-Callable) FD
This scheme caters to larger deposits ranging from ₹1 crore to less than ₹3 crore. Investors in this category receive an additional interest rate of 30 bps for a 1-year FD and 40 bps for a 2-year FD. It is important to note that this is a non-callable scheme, meaning premature withdrawals are not permissible, thus appealing to investors looking for steadfast and assured returns without the temptation of early withdrawal.
Table of SBI FD Schemes
| Scheme Name | Duration | Interest Rate (General) | Interest Rate (Senior Citizens) |
|---|---|---|---|
| SBI Amrit Kalash | 400 days | 7.1% | 7.6% |
| SBI Amrit Vrishti | 444 days | 7.25% | 7.75% |
| SBI Green Rupee Term Deposit | 1111/1777/2222 days | Card rate – 10 bps | Card rate – 10 bps |
| SBI Best (Non-Callable) FD | 1-2 years | +30 bps (1 year) / +40 bps (2 years) | N/A |
Conclusion
Investing in SBI’s fixed deposit schemes can provide a secure avenue for earning assured returns. With competitive interest rates, flexible investment durations, and special provisions for senior citizens, these schemes cater to a broad spectrum of investors. For those seeking stability and growth in their savings, now is an optimal time to consider SBI’s FD offerings.
