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SBI deadlines and changes: March is the last month of the financial year. In such a situation, many money-related tasks have to be completed by March 31, 2024.

SBI deadlines and changes: The month of March has brought many deadlines for the customers of the State Bank of India (SBI), the country's largest government bank. Anyway, March is the last month of the financial year. In such a situation, many money-related tasks must be completed by March 31, 2024. SBI has four important deadlines and changes this month. Let us know about it in detail…

SBI Amrit Kalash Scheme Deadline

State Bank of India (SBI) customers can enjoy higher interest rates on FD as the bank has once again extended the deadline for its 'Amrit Kalash' special fixed deposit scheme for retail customers.

According to the SBI website, “This special scheme of 400 days came into effect on April 12, 2023. Under this, the interest rate for general customers is 7.10 percent and for senior citizens, it is 7.60 percent. This special FD scheme of SBI can be withdrawn before the maturity date and includes a loan on deposit option.”

Changes in SBI home loan concession

SBI has extended the special home loan campaign. The bank is now offering home loans till March 31, 2024. This discount is valid for all home loans, including Flexipay, NRI, Non-Salary, Privilege, and Own Home Loans.

Under the special home loan campaign, SBI offers a discount of up to 65 basis points (BPS). The bank is giving interest at 8.60 percent to customers with CIBIL scores of more than 750-850. The interest rate on a home loan without an offer is 9.15 percent.

Changes in the calculation of minimum due amount on SBI credit card

State Bank of India has announced that from March 15, the bank is changing the process of calculating the Minimum Amount Due (MAD) on its credit cards. In an email to its customers, SBI has broken down the MAD calculation as total GST + EMI amount + 100 percent fee/fees + 5 per + over the limit.

What is the current MAD Method?

Till now, the method adopted by SBI to calculate the minimum amount while making its credit card bill is the entire GST + all EMIs + 100% fee/charge + 5% finance charge + retail expenses and amount of cash advance + over limit amount ( if any), together. The amount that comes after adding all these is the MAD of the credit card bill.

This new method will be implemented from March 15, with information about which SBI has given to all its credit card customers through email.

SBI WEcare FD Scheme

SBI Wecare FD scheme offers high-interest rates to senior citizens for a tenure ranging from 5 to 10 years. The interest rate given on this scheme is 7.50 percent. The bank has extended the last date of investment in this scheme to 31 March 2024.