 "SBI Funds Management")
State Bank of India (SBI) had introduced a scheme for senior citizens that will provide a higher interest rate on term deposits to those older than 60. According to the bank's website, SBI WECARE will be available till March 31, 2024.
Senior citizens who enroll for the scheme will get an extra 50 basis points of interest on top of the 50 bps premium typically given to them for other tenures. They will get an interest rate that is 100 basis points more than the SBI FD interest rate provided to other depositors. The interest rate offered on SBI WeCare is 7.50 per cent. SBI Wecare requires a minimum period of deposit of 5 years, while the maximum period of deposit is 10 years.
Here the benefits SBI WECARE offers:
Additional interest: Investors can earn an additional interest rate of 0.80 per cent on their term deposits compared to regular term deposit schemes.
Flexible interest payment intervals: Investors may choose between monthly or quarterly intervals for receiving interest payments on their term deposits.
Convenient application channels: SBI WECARE can be availed of through multiple channels including net banking, the YONO app, or SBI branches.
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Loan facility: Investors can avail of a loan facility against their term deposits under the SBI WECARE.
SBI has also extended the deadline for Amrit Kalash to September 30, 2024 from March 31, 2024. The fixed deposit scheme runs for 400 days and the interest on it is 7.10 per cent yearly. People can take a loan on the scheme, which gives senior citizens 7.60 per cent interest.
SBI FD rates for senior citizens are 50 bps higher than the SBI Fixed Deposit rates offered to other depositors. The additional interest of 0.50% p.a. is offered only to resident senior citizen depositors.
The bank has introduced SBI Green Rupee Term Deposit (SGRTD) to mobilise funds to support environment-friendly initiatives and projects, thereby fostering the growth of a green finance ecosystem in India. SGRTD offers investors the flexibility to choose between three tenors: 1,111 days, 1,777 days, and 2,222 days.
SBI Green Rupee term deposit interest rate
1111 Days- 6.65 per cent
1777 Days- 6.65 per cent
2222 Days- 6.40 per cent
SBI has an Annuity Deposit Scheme that requires customers to deposit a one-time lump sum amount to the bank. The SBI will repay this amount periodically as equated monthly instalments. These EMI amounts comprise a portion of the principal amount and interest. The interest compounds quarterly and discounts returns on a monthly value. You can invest in this scheme for tenures of three, five, seven or ten years.
