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SBI re-introduces Amrit Kalash FD Scheme
April 17, 2023
SBI Amrit Kalash Fixed Deposit rates: India’s biggest lender by assets, State Bank of India has said it would reintroduce its retail term deposit, Amrit Kalash, which will offer an interest rate of 7.6 per cent to senior citizens and 7.1 per cent to others. It is a special scheme of 400 days tenor.
Earlier, SBI launched the same retail term deposit scheme on February 15, 2023, which was valid till March 31, 2023.
The bank reintroduced the scheme on April 12 and it will be valid till June 30, 2023. The scheme is applicable on domestic retail term deposits including NRI Rupee Term Deposits below Rs 2 crore.
According to the SBI website, “The specific tenor scheme of “400 days” (Amrit Kalash) at Rate of Interest of 7.10 per cent w.e.f. 12- April- 2023. Senior Citizens are eligible for a rate of interest of 7.60 per cent.”
The special fixed deposit scheme is for a period of 400 days. The interest rate for general investors is 7.10 per cent, whereas, senior citizens would get 7.60 per cent. It is valid from April 12, 2023 to June 30, 2023.
The interest on this scheme will be paid monthly, quarterly, and semi-annual intervals. The maturity interest on special term deposits, net of TDS, will be added to the customer’s account.
The scheme will attract tax deducted at source (TDS) at the applicable rate under the Income-Tax Act. The scheme will also have a premature withdrawal and loan facility.
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