4 SBI deadlines, changes in March you should know

There are four important State Bank of India (SBI) deadlines and changes that fall in the month of March. Here is a look at what these are.

Special FD deadlines

SBI offers special fixed-rate plans with appealing interest rates for a range of tenors designed for general citizens and senior citizens. SBI WeCare is specifically designed for elderly citizens, whereas the SBI Amrit Kalash FD Scheme is open to both the general public and the latter group.

Also read: Free Aadhaar updation, tax saving, SBI special FDs, Paytm: 8 major money deadlines, changes in March 2024

SBI Amrit Kalash

State Bank of India (SBI) customers can enjoy the higher FD interest rate as the bank has yet again extended the last date of its ‘Amrit Kalash’ special fixed deposit scheme for retail customers.

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According to the SBI website, “The specific tenor scheme of “400 days” (Amrit Kalash) at Rate of Interest of 7.10 % w.e.f. 12- April- 2023. Senior Citizens are eligible for rate of interest of 7.60%. The Scheme will be valid till 31-March-2024.” The Scheme was earlier valid till 31-December-2023.

SBI WEcare

SBI WEcare gives higher interest rates to the senior citizens for terms ranging from 5 to 10 years. The interest rate offered on SBI WeCare is 7.50%. The last day to invest in this scheme has been extended to March 31, 2024.

SBI Senior citizen FD rates

SBI offers 0.50% higher interest rates to senior citizens, interest rates on regular fixed deposits vary between 3.50% and 7.50% for tenures ranging from 7 days to 10 years.

According to the SBI website, “Additional premium of 50 bps (over and above existing premium of 50 bps) over card rate for Public i.e., 100 bps over card rate for Public.”

On regular deposits, interest rates offered are between 4% and 7.50%.

SBI FD interest rates

State Bank of India has increased fixed deposit interest rates on certain tenures. Now interest rates ranges between 3.5% and 7% (except Amrit kalash) for general citizens for amounts below Rs 2 crore.

SBI home loan concession

SBI extended the special home loan campaign that offers discounts up to 65 basis points (bps). The special campaign discount is valid up to March 31, 2024.

The discount is valid for all home loans, including those with flexipay, NRI, non-salaried, privilege, and Apon Ghar. Not valid for variants of CRE ,Tribal Plus and HL for Kerala Government Employees)

Interest rate on home loan vary depending on the CIBIL score.

SBI credit card minimum amount calculation

The way SBI Card will calculate the minimum amount due on a credit card bill will change. According to the SBI Card website, “b) Minimum Amount due shall be Total GST + EMI amount + 100% of Fees/Charges + 5% of [Finance Charge (if any) + Retail Spends and Cash Advance (if any)] + Overlimit Amount (if any).

W.e.f. 15th March 2024, In case 5% of (Finance Charge + Retail Spends and Cash Advance) is less than Finance Charges then MAD calculation will be Total GST + EMI amount + 100% of Fees/Charges + 100% of Finance Charges + Overlimit Amount (if any)”

Roy Walsh

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