SBI Scheme : Want to Get More Returns ? SBI has 2 Special Schemes, Know The Interest Rate

SBI Scheme : Investing in fixed deposits (FDs) has always been one of the most preferred and secure investment options for individuals in India. Fixed deposits are a safe way to grow your savings, and banks offer competitive interest rates based on tenure and customer categories. State Bank of India (SBI), the largest public sector bank in the country, offers various FD schemes with flexible tenors. Alongside regular FDs, SBI has introduced two special fixed deposit schemes: the Sarvotham Special FD Scheme and the Amrit Kalash Special FD Scheme. These schemes provide higher interest rates and specific tenures, making them attractive options for both regular and senior citizens.

In this essay, we will explore these two unique schemes in detail and analyze the returns that can be expected from investing in them. Specifically, we will examine how much interest can be earned on investments of Rs 4 lakh and Rs 8 lakh, highlighting the benefits for different categories of customers. Additionally, we will discuss the overall importance of fixed deposit investments and why these special schemes by SBI stand out in the current market.

Importance of Fixed Deposits in Financial Planning

Fixed deposits (FDs) are one of the safest investment instruments in India, offering a guaranteed return over a fixed period. Unlike volatile investment options such as stocks or mutual funds, FDs are risk-free because the returns are unaffected by market fluctuations. This stability makes FDs a crucial component of a diversified investment portfolio, especially for conservative investors who prioritize capital preservation over high returns.

Here are some reasons why fixed deposits are significant for financial planning:

• Safety of Capital: FDs ensure the safety of the invested capital, as banks like SBI are regulated by the Reserve Bank of India (RBI). Additionally, deposits in FDs are insured up to Rs 5 lakh under the Deposit Insurance and Credit Guarantee Corporation (DICGC) scheme.
• Assured Returns: FDs offer a guaranteed rate of return, which is known at the time of investment. This predictability is important for investors seeking consistent income.
• Flexibility of Tenure: FDs come with a wide range of tenures, from a few days to several years, allowing investors to align their investments with their financial goals.
• Higher Interest for Senior Citizens: Senior citizens are offered higher interest rates, making FDs an attractive option for retirees who seek regular income.

Given these benefits, SBI’s special FD schemes, Sarvotham and Amrit Kalash, provide a blend of high returns and stability, making them particularly appealing for investors looking to maximize their returns on low-risk investments.

Overview of SBI’s Fixed Deposit Schemes

SBI offers a wide range of fixed deposit schemes, catering to the diverse needs of its customers. Regular fixed deposits can be opened for tenures ranging from 7 days to 10 years, with interest rates varying according to the tenure and customer category (general or senior citizen). While regular FD schemes are suitable for all types of investors, the bank has introduced special schemes that offer higher interest rates for specific tenures. Two of these special schemes are the Sarvotham Special FD and Amrit Kalash Special FD.

A. Sarvotham Special FD Scheme

The Sarvotham Special FD Scheme is designed for investors who seek higher interest rates and are willing to lock in their funds for 1 or 2 years. This scheme falls under the non-callable category, which means that the fixed deposit cannot be withdrawn before the maturity date, even with a penalty.

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Non-callable FDs typically offer higher interest rates compared to callable FDs, as the bank can use the funds for a longer duration without the risk of early withdrawals.

• Tenure: 1-year and 2-year options are available.
• Interest Rates:
  • For general category customers, the interest rates are 7.30% for a 1-year FD and 7.80% for a 2-year FD.
  • Senior citizens are offered higher rates of 7.40% for a 1-year FD and 7.90% for a 2-year FD.

B. Amrit Kalash Special FD Scheme

Amrit Kalash is another special fixed deposit scheme offered by SBI. This scheme has a specific tenure of 400 days, making it a medium-term investment option. It is popular due to its attractive interest rates, especially for senior citizens.

• Tenure: 400 days.
• Interest Rates:
  • General category customers are offered an interest rate of 7.10%.
  • Senior citizens can enjoy a higher rate of 7.60%.

The Amrit Kalash Special FD Scheme is ideal for investors looking for a short-term investment with high returns, while the Sarvotham scheme suits those who are comfortable with locking in their money for up to two years.

Interest Rates and Returns for Different Investment Amounts

Now that we have an understanding of the Sarvotham and Amrit Kalash schemes, let’s explore how much interest can be earned on investments of Rs 4 lakh and Rs 8 lakh. We will analyze the returns for both general and senior citizens over the specified tenures.

A. Investment of Rs 4 Lakh in Sarvotham FD

For a 1-year Sarvotham FD:

• General category customers will earn an interest of Rs 29,165.14 on an investment of Rs 4 lakh, with a total maturity value of Rs 4,29,165.14.
• Senior citizens will earn a slightly higher interest of Rs 30,431.58, bringing the total maturity amount to Rs 4,30,431.58.

For a 2-year Sarvotham FD:

• General category customers will earn an interest of Rs 63,178.36, bringing the maturity amount to Rs 4,63,178.36.
• Senior citizens will receive Rs 67,745.59 as interest, with a maturity amount of Rs 4,67,745.59.

B. Investment of Rs 8 Lakh in Sarvotham FD

For a 1-year Sarvotham FD:

• General category customers will earn Rs 58,330.27 in interest on an investment of Rs 8 lakh, with a total maturity value of Rs 8,58,330.27.
• Senior citizens will earn Rs 60,863.15 as interest, bringing the total maturity amount to Rs 8,60,863.15.

For a 2-year Sarvotham FD:

• General category customers will earn Rs 1,26,356.71 in interest, with a maturity amount of Rs 9,26,356.71.
• Senior citizens will earn Rs 1,35,491.18 as interest, bringing the total maturity value to Rs 9,35,491.18.

C. Investment of Rs 4 Lakh in Amrit Kalash FD

For the 400-day Amrit Kalash FD:

• General category customers will earn Rs 32,071.15 as interest on Rs 4 lakh, resulting in a maturity value of Rs 4,32,071.15.
• Senior citizens will earn Rs 34,402.21 as interest, bringing the maturity amount to Rs 4,34,402.21.

D. Investment of Rs 8 Lakh in Amrit Kalash FD

For the 400-day Amrit Kalash FD:

• General category customers will earn Rs 64,142.31 as interest on Rs 8 lakh, resulting in a maturity value of Rs 8,64,142.31.
• Senior citizens will earn Rs 68,804.43 as interest, with a maturity value of Rs 8,68,804.43.

Comparison of Sarvotham and Amrit Kalash Schemes

Both the Sarvotham and Amrit Kalash schemes are lucrative, offering competitive interest rates that are higher than regular FDs.

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However, they are designed for slightly different investor needs.

• Sarvotham FD: This scheme is better suited for investors looking for medium-term investments (1 to 2 years) with high returns. Since it is non-callable, it ensures that the funds remain invested for the entire tenure, allowing the bank to offer higher interest rates.
• Amrit Kalash FD: With a 400-day tenure, this scheme is ideal for those looking for short-term investments with guaranteed returns. It is particularly appealing to senior citizens due to the higher interest rates offered.

In both schemes, senior citizens benefit from higher interest rates, making them suitable options for retirees seeking stable income.

SBI Scheme – Conclusion:

SBI’s Sarvotham and Amrit Kalash FD schemes offer high interest rates and secure investment options for both regular and senior citizens. The choice between these two schemes depends on the investor’s financial goals and the amount of time they are willing to lock in their funds.

• If you are looking for medium-term investment with high returns, the Sarvotham Special FD is an excellent option.
• If you prefer a shorter investment horizon with equally attractive returns, the Amrit Kalash Special FD is worth considering.

In either case, both schemes provide a stable and reliable way to grow your savings, making them ideal for conservative investors or those looking to balance their investment portfolios.

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