Navigating March 2024: Crucial Changes and Deadlines in State Bank of India (SBI)

As March unfolds, the State Bank of India (SBI) introduces significant changes and deadlines that impact various financial offerings, from Special FD schemes to home loan concessions and credit card policies. Let’s delve into the key modifications and time-sensitive updates that SBI customers need to be aware of.

Crucial Updates on Special FD Schemes

  1. SBI Amrit Kalash FD Scheme Extension:
    • Interest Rate: 7.10% (7.60% for Senior Citizens)
    • Extension Deadline: Till 31-March-2024
    • Details: The ‘Amrit Kalash’ special fixed deposit scheme for retail customers sees an extension, allowing customers to enjoy higher FD interest rates until the end of March 2024.
  2. SBI WEcare Special FD Scheme Extension:
    • Interest Rate: 7.50%
    • Extension Deadline: Till 31-March-2024
    • Details: SBI WEcare, designed for senior citizens, offers higher interest rates for terms ranging from 5 to 10 years. The last day to invest in this scheme has been extended to March 31, 2024.
  3. SBI Senior Citizen FD Rates:
    • Additional Interest: 0.50% higher for senior citizens
    • Details: Senior citizens enjoy enhanced FD interest rates, with an additional premium of 50 bps over card rates for the public. The offer is valid on regular fixed deposits with varying tenures.
  4. Increased SBI FD Interest Rates:
    • Interest Range: 3.5% to 7% (except Amrit Kalash) for general citizens
    • Details: SBI has raised fixed deposit interest rates on specific tenures, offering a range of interest rates for general citizens for amounts below Rs 2 crore.

Extended Home Loan Concession

  1. SBI Home Loan Campaign Extension:
    • Discounts: Up to 65 basis points (bps)
    • Extension Deadline: Till 31-March-2024
    • Details: SBI extends its special home loan campaign, providing discounts on interest rates up to 65 bps. The offer is valid for all home loans, including various categories, and lasts until March 31, 2024.

Credit Card Policy Adjustment

  1. Change in Minimum Amount Calculation on SBI Credit Cards:
    • Effective From: 15th March 2024
    • Updated Calculation: Total GST + EMI amount + 100% of Fees/Charges + 100% of Finance Charges + Overlimit Amount (if any)
    • Details: SBI Card introduces a revised method for calculating the minimum amount due on credit card bills, effective from March 15, 2024.

These updates encompass various financial aspects, urging SBI customers to stay informed and act accordingly to leverage the benefits offered by these time-sensitive changes.

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