The State Bank of India has decided to prolong the closing date of its Amrit Kalash exclusive fixed deposit plan until December 31, 2023. This scheme from SBI, known as Amrit Kalash, provides a 7.1 per cent interest rate for retail term deposits under ₹2 crore over a span of 400 days.
In a recent notification, the bank announced, “The specific tenor scheme of 400 days (Amrit Kalash) at a rate of interest of 7.1 per cent w.e.f. 12- April- 2023. Senior citizens are eligible for a rate of interest of 7.6 per cent. The Scheme will be valid till 31 December 2023.”
Below are all the essential details regarding the deposit's characteristics and other pertinent information that investors should be aware of. The option is available to initiate the scheme for a duration of 400 days
- Retail term deposits within the domestic market, including Non-Resident Indian Rupee term deposits under ₹2 crore.
- Both new and renewed deposits.
- Special term deposits and standard term deposits.
For standard clients, the fixed deposit interest rate within the Amrit Kalash scheme stands at 7.1 per cent. However, senior citizens, retired staff members, and the bank's personnel qualify for an extra 0.5 per cent interest.
The interest is added upon maturity for special-term deposits. As for term deposits, funds will be credited to the customer's bank account either monthly, quarterly, or semi-annually.
Tax liability on SBI Amrit Kalash FD maturity
The Amrit Kalash scheme is subject to Tax Deducted at Source (TDS) in accordance with the provisions of the Income Tax Act. Applicable taxation will occur when the annual accrued interest amount surpasses ₹10,000.
Withdrawing money beforehand SBI Amrit Kalash scheme
The bank’s Amrit Kalash Scheme allows for early withdrawal. Additionally, the deposit offers a loan facility.
How to invest in the SBI Amrit Kalash scheme?
To participate in the SBI Amrit Kalash scheme, individuals have the option of either visiting a nearby branch of the bank or utilizing the SBI YONO mobile app. Additionally, investors can also engage in the scheme via net banking.
Simultaneously, the bank is providing interest rates ranging from three to seven per cent on its fixed deposits for various investment durations, excluding the Amrit Kalash scheme. These opportunities cater to individuals who desire flexibility beyond the 400-day scheme, allowing them to align their investments with their short-term or long-term financial objectives.