SBI senior citizen special FD interest rates: WeCare vs Sarvottam vs Amrit Kalash

Many banks offer higher interest rates to senior citizens and also special deposits with higher interest rates. Even SBI offers higher interest rates to senior citizens and offers special deposit with higher interest for senior citizens. Some of the schemes launched by SBI are SBI We care, SBI Amrit Kalash and SBI Sarvottam on all these deposits bank offer higher interests to senior citizens. Depending on the scheme invested, these schemes' characteristics and interest rates vary and 2 schemes are limited period offer.

Let us compare all the three special SBI FD schemes with features, interest rates, tenure and eligibility.

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. Domestic retail term deposits including NRI Rupee Term Deposits are eligible to invest.

The scheme would be available for investors till December 31, 2023. The interest rate under the scheme offered is 7.6% interest rate to senior citizens . The tenure of the scheme is 400 days.

SBI 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.

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 percent for deposits maturing in two years. For a year, they will get an interest rate of 7.6 per cent in the bank.

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.

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%. Only senior citizens are eligible to avail of this scheme offering higher FD interest rates.