Before, people thought government banks didn’t give much interest for Fixed Deposits (FD) compared to private or small banks.
But now, government banks also offer good returns for FDs. Like, the State Bank of India (SBI), our big government bank,
has a special scheme for older people called ‘We Care’ (SBI WeCare Special FD). It’s good because:
You can get 7.50% interest
If you’re an older person, you get an extra 0.50% interest. This scheme gives 7.50% interest for FDs from 5 to 10 years.
You can do it online, using an app, or by going to the bank. You can get the interest every month, every three months, every six months, or once a year.
But remember, the bank will take some tax from the interest. For normal FDs, the interest can be from 3.50% to 7.50% for 7 days to 10 years.
If you put money in this scheme, it will double in 10 years. For example, if you put Rs 5 lakh, after 10 years, you will get more than Rs 10 lakh.
Basically, you get about Rs 5 lakh as interest over 10 years, because the bank gives 6.5% interest for regular FDs for 10 years.
Also, SBI extended the last date for the Amrit Kalash FD scheme.
They also made the Amrit Kalash Special FD scheme longer, which gives the most interest to everyone, whether old or not, compared to other FDs.”
