SBI Sarvottam vs SBI Wecare: State Bank of India – SBI, the country’s largest public sector bank, runs many schemes keeping in mind the needs of the customers. SBI Bank is running SBI Amrit Kalash, SBI Wecare and SBI Best schemes keeping senior citizens in mind.
SBI Sarvottam vs SBI Wecare: State Bank of India – SBI, the country’s largest public sector bank, runs many schemes keeping in mind the needs of the customers. SBI Bank is running SBI Amrit Kalash, SBI Wecare and SBI Best schemes keeping senior citizens in mind. Many banks are offering 9 percent interest on FD to senior citizens. This is why SBI is offering higher interest in the new SBI Best Plan to attract customers to invest.
SBI best plan
The best scheme of SBI is offering higher interest than the savings schemes of PPF, NSC and Post Office. The biggest advantage of this scheme of SBI is that it is only one year and 2 year scheme. That means, you can raise a big fund in a short time. In SBI Sarvottam scheme, customers are getting 7.4 percent interest on 2 year deposit i.e. FD. This interest rate is for the general public. At the same time, senior citizens are getting 7.90 percent interest on this scheme. At the same time, the general public is getting 7.10 percent interest and senior citizens are getting 7.60 percent interest on one year investment.
Customers will benefit so much
The annual yield for the best 1 year deposit of Rs 15 lakh to above Rs 2 crore for senior citizens is 7.82 per cent. Whereas, the yield for two-year deposits is 8.14 percent. On bulk deposits of Rs 2 crore to Rs 5 crore, SBI is offering 7.77 per cent interest for 1 year and 7.61 per cent for 2 years to senior citizens.
You can invest this much money
In SBI Sarvottam scheme, the customer can invest minimum Rs 15 lakh to Rs 2 crore. This scheme is best for those who have retired and have money from PF fund. He can invest in this scheme of SBI. There is also an option to invest more than Rs 2 crore but the interest is less at 0.05 percent. However, there is no information on the website as to when one can invest money in this scheme.
These are the rules
You cannot withdraw money prematurely in SBI Sarvottam scheme. These are non-callable schemes in which money cannot be withdrawn prematurely. If you withdraw money before time, you will have to pay a charge. Compound interest is available in this.
SBI Amrit Kalash Scheme
SBI is offering 7.6 percent interest to senior citizens and 7.1 percent interest to others on 400 days special Amrit Kalash FD.
SBI WeCare
SBI WeCare Special FD scheme was launched as an option for senior citizens to keep their money safe during the Covid times. By making minimum investment in this FD scheme, you can get higher returns in 5 years and 10 years. Extra interest of 50bps i.e. 0.50 percent is available on SBI WeCare FD. At present this FD scheme of SBI is giving interest at the rate of 7.50 percent. You will have to invest in it by 30th September.
Which scheme is better
In SBI WeCare scheme, your money will be blocked for 5 to 10 years but at best you will have to invest for 2 years. At the same time, money will be invested in Amrit Kalash for 400 days.
