SBI WeCare vs SBI Amrit Kalash: Which FD Scheme Should You Pick?

India’s largest public sector lender State Bank of India (SBI) offers competitive interest rates on fixed deposits with a variety of attractive features and advantages. The interest rates for SBI fixed-term deposits vary from 3 to 7.10 per cent per annum for the general public, and from 3.50 to 7.60 per cent per annum for senior citizens.

SBI has two schemes with higher interest rates within a limited duration scheme – SBI WeCare for Senior Citizens and SBI Amrit Kalash.

About SBI WeCare Senior Citizen FD Scheme:

The SBI WeCare Deposit Scheme is a tailor-made scheme intended for senior citizens with tenures of at least five years.

Senior citizens who enrol in this scheme are eligible to receive an extra 50 basis points (bps) of interest granted on top of the 50 bps premium that is typically given to them for other tenures. As a result, senior citizens who choose SBI WeCare will get an interest rate that is 100 basis points more than the SBI FD interest rate provided to other depositors.

SBI WeCare will be available till September 30, 2023, offering an interest rate of 7.50 per cent. This FD scheme is accessible through an SBI branch, online banking and mobile banking app. It is available for new deposits as well as the renewal of maturing accounts.

Under this scheme, SBI also provides lending facilities to its depositors. SBI WeCare FD’s interest payments are made at either monthly or quarterly intervals under the term deposit plan. The interest component of the SBI WeCare Special term deposit Scheme is compounded and only paid at maturity.

About SBI Amrit Kalash:

SBI has introduced a special term deposit scheme that is made available to both residents and NRI depositors for a 400-day term. This special FD gives an attractive interest rate of 7.6 to elderly citizens and 7.1 per cent for others. It’s essential to be aware that this scheme is coming to an end on Dec 31, 2023. The scheme is available via SBI branches, online banking and the SBI YONO mobile banking app.

Under this scheme, depositors can also use the loan facility. The SBI Amrit Kalash term deposit plan offers monthly and quarterly interest payments. The interest on the SBI Amrit Kalash term deposit scheme is compounded and only paid when the FD expires under the special term deposit scheme.