SBI Amrit Kalash vs SBI Sarvottam vs SBI Wecare: FD interest rates, tenure, eligibility
State Bank of India has launched various special fixed deposit schemes catering to different needs of individual investors. Some of the schemes launched by SBI are SBI We care, SBI Amrit Kalash and SBI Sarvottam, note that these schemes features vary and interest rates on these schemes differ depending on the scheme invested. These new schemes are different from the regular fixed deposits offered by SBI.Now, to understand better, let us compare all the three special SBI FD schemes with features, interest rate, tenure and eligibility.
SBI Amrit Kalash
State Bank of India has extended a special FD scheme of 400 days offering higher interest rates to general and senior citizens. SBI Amrit Kalash can be opened online, via YONO app or by visiting the branch.Interest rate
The scheme would be available for investors till August 14, 2023. The interest rate under the scheme offered is 7.6% interest rate to senior citizens and 7.1% to others.
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Who is eligible to invest
Domestic Retail Term Deposits including NRI Rupee Term Deposits
ii) New and Renewal Deposits
iii) Term Deposit and Special Term Deposit only.
TDS
TDS is levied in accordance with Income Tax Rules. The depositor can use Form 15G/15H to request an exemption from tax deduction under IT Rules.
Tenure
SBI Amrit Kalash tenure is 400 days.
SBI Sarvottam
SBI has recently launched SBI Sarvottam term deposits. Under this scheme, depositors will get higher interest rates compared to regular fixed deposits. Resident individuals and non-individual customers are eligible to open deposits under SBI Sarvottam term deposits. Premature payment is not allowed under the scheme.Interest rate
Under SBI Sarvottam term deposits, senior citizens will get an additional 50 basis points (bps) premium over the rate of interest provided to the general investors. They will earn an interest rate of 7.9 per cent for deposits maturing in two years. For a year, they will get an interest rate of 7.6 per cent in the bank. General citizens can earn up to 7.10 on one year tenure and 7.40% on 2 year tenure.
Eligibility
Under SBI Sarvottam term deposits, the minimum deposit amount for retail investors is above Rs 15 lakh to less than Rs 2 crores. Under bulk deposit, the limit is Rs 2 crore and above.
Tenure
The term deposits are only available for one year and two years.
SBI Wecare
State Bank of India (SBI) has extended its special senior citizen scheme dubbed SBI WeCare which offers higher interest rates to senior citizens on tenures between 5 years to 10 years. The scheme is valid till September 30, 2023.Eligible Customers
Only senior citizens are eligible to avail of this scheme offering higher FD interest rates.
Interest Rate
The bank offers an additional premium of 50 bps (over and above the existing premium of 50 bps) over the card rate for the Public i.e., 100 bps over the card rate for the Public. The interest rate offered on SBI Wecare is 7.50%.
FD SchemeInterest rateEligibilitySBI Amrit Kalash7.10% to generalDomestic Retail Term Deposits including NRI Rupee Term Deposits7.60% to seniorSBI Sarvottam7.10% on one 1 year for general. (7.60% for seniors)Amounts should be above Rs 15 lakhs to less than Rs 2 crores7.40% for 2 year for general. (7.90% for seniorsSBI WeCare7.5%Senior Citizens only
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This story originally appeared on: India Times - Author:Faqs of Insurances
