State Bank of India (SBI) offers several financial services to its customers. These include unique deposit schemes and special fixed deposits for both normal and senior citizens. SBI currently offers two limited-time FD schemes which provide more interest than others. Notable, these two schemes - the 'We-Care Deposit Scheme' and 'Amrit Kalash Deposit Scheme' are about to close by March 31, 2024. 
 
If you want to know more and invest in these schemes, check the details here:
 
SBI We-Care Deposit Scheme: This scheme is specially for senior citizens of India. The minimum tenure of this scheme is five years and the maximum is 10 years. However, people under 60 years of age, can also invest in this scheme, but they will get less interest than senior citizens.
 
Interest rate
Senior citizens: 7.5 per cent
Normal citizens: 6.5 per cent
 
You can also take a loan on this FD scheme.
 
SBI Amrit Kalash Deposit Scheme: This scheme is run by SBI for 400 days, and the interest on this scheme is 7.10 per cent yearly. In this FD also, you can take a loan. However, senior citizens get 7.60 per cent interest in this scheme.

How to invest in We-Care Deposit and Amrit Kalash Deposit schemes

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You can either go to any of the SBI branches or can also use the YONO app to invest in these schemes. The final day to invest in both the schemes is March 31, 2024. 

ALSO READ: Post Office Senior Citizen Savings Scheme 2024: Interest rate, minimum investment, who can apply, other important features you must know

SBI We Care scheme and the SBI Amrit Kalash scheme: How they compare to HDFC, ICICI FD rates

Now, let's take a look at the comparison of the SBI We Care scheme and the SBI Amrit Kalash scheme with HDFC Bank and ICICI Bank.

In the We Care Scheme, SBI offers 7.50 per cent interest for 5 to 10 years. At the same time, ICICI is giving the same rate on fixed deposits ranging from 5 years, 1 day, to 10 years. However, HDFC offers a greater rate of interest. It is providing rates of up to 7.75 per cent on 5-year, 1-day, and 10-year fixed-term deposits.

Amrit Kalash Scheme offers a 7.60 per cent return on a 400-day fixed-term deposit for senior citizens. HDFC Bank, on the other hand, pays 7.10 per cent interest on one-year to less than 15-month fixed deposits. At the same time, ICICI Bank is giving 7.20 per cent interest on FDs with terms ranging from 390 days to less than 15 months. This calculation is for seniors. For normal investors, the interest rates at these banks are 7.10 per cent (SBI), 6.60 per cent (HDFC), and 6.70 per cent (ICICI) for the same tenures.

So, in Amrit Kalash, you receive a higher deal from SBI. However, with We Care, you receive additional perks from HDFC. This is better for senior citizens as the interest rate for other retail investors during the same period is only 7 per cent.

Meanwhile, other small finance banks like Capital Small Finance Bank and North East Small Finance Bank are offering rates of 8.10% and 9.15% respectively on FD of 400 days duration in relation to Amrit Kalash scheme. An investor should invest as per their risk appetite as bigger banks are always more credible than smaller ones.

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