Earn Higher Interest with SBI’s Ending Schemes 2023: SBI Amrit Kalash and WeCare

SBI’s special deposit schemes, SBI Amrit Kalash and ‘WeCare,’ will come to an end on June 30th this month. These deposit schemes offer higher interest rates on regular fixed deposits (FDs). In this situation, if you are looking for higher interest on your deposited amount, you can consider investing in these schemes. Let us provide you with more information about these schemes.

What is the ‘WeCare’ scheme?

In this new scheme by SBI, a higher interest rate of 50 basis points will be provided on FDs with a tenure of 5 years or more. This scheme will remain effective until June 30, 2023. Customers who opt for fixed deposits for a specific duration under this scheme will benefit from the higher interest rate.

Senior Citizen Interest Rates on Term Deposits

Senior citizens will receive an additional interest rate of 0.50% on regular term deposits for a tenure of less than 5 years. On the other hand, under the ‘WeCare Deposit‘ scheme, a higher interest rate of 1% will be offered on FDs with a tenure of 5 years or more. However, there will be no additional interest rate on the existing term deposits.

SBI Amrit Kalash Scheme is also ending this month

SBI’s new fixed deposit (FD) scheme, Amrit Kalash, will also come to an end on June 30th. Under this scheme, senior citizens receive an interest rate of 7.60%, while others receive 7.10% on their FDs. Individuals are required to invest in this fixed deposit scheme for a period of 400 days.

Amrit Kalash is a special retail term deposit, i.e., FD. Senior citizens receive an interest rate of 7.60%, and regular citizens receive 7.10% on their deposits. They can invest up to a maximum of 2 crore rupees in this scheme.