Investments in government bank schemes offer good returns, guarantees, and safety nets in addition to financial security.
State Bank of India, the largest government bank in the country, consistently introduces attractive schemes for its customers. Currently, there are two fantastic opportunities to invest money in SBI schemes that offer higher interest rates than regular fixed deposits. These two remarkable schemes are SBI Amrit Kalash and SBI 'Vcare,' with a deadline for investment set on June 30. Let's explore the benefits of these schemes.
SBI VCare Scheme: The VCare scheme is designed specifically for senior citizens, offering an additional 0.50% interest on fixed deposits of 5 years or more. Senior citizens already receive 0.50% extra interest compared to general customers, so under the VCare scheme, they enjoy a total additional benefit of 1%. It's important to note that this scheme is operational until June 30, giving you only 12 days to invest. However, keep in mind that withdrawing funds before maturity will result in the loss of the additional interest.
For FDs ranging from 5 to 10 years, SBI offers an interest rate of 6.50%. Under the VCare scheme, senior citizens receive a remarkable 7.50% interest rate, representing a one percent advantage.
SBI Amrit Kalash: SBI's Amrit Kalash scheme is a fixed deposit (FD) scheme with an interest rate of 7.60% for senior citizens and 7.10% for the general public. The maximum investment period allowed in this scheme is 400 days.
Special features of the scheme:
• SBI Amrit Kalash is a unique retail term deposit that allows FDs of up to Rs 2 crore.
• Senior citizens benefit from a higher interest rate of 7.60%, while the general public receives 7.10%.
• Interest can be paid monthly, quarterly, or semi-annually.
• You have the flexibility to choose the date of interest payment according to your convenience.
• Apart from visiting a bank branch, you can also invest through net banking or the SBI Yono app.
• Just like a regular FD, you can also avail a loan against the Amrit Kalash scheme.
Read more: What is Balanced Advantage Fund that safeguards investor's wealth in market downturn?
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