Fixed deposits are one of the most popular and reliable investment options available. It offers attractive and guaranteed returns, with a fixed rate of interest. It is a great way to save and grow your money over a period of time, providing you with a secure financial future.
Recently, the SBI bank has reintroduced its special retail term deposit, known as the ‘Amrit Kalash’. This fixed deposit scheme is specially designed to provide an attractive interest rate to senior citizens and non-senior citizens alike.
What is the Amrit Kalash FD scheme?
The Amrit Kalash FD scheme is a special term deposit scheme offered by SBI. It is a 400 days tenor scheme with an interest rate of 7.1% for non-senior citizens and 7.6% for senior citizens.
The scheme applies to domestic retail term deposits in rupees, including NRI term deposits, up to a maximum amount of ₹2 crore. The scheme also offers a premature withdrawal and loan facility.
This FD facility was started on April 12, 2023 and is valid upto June 30, 2023. Previously, this retail term deposit was first launched in FY22-23, from February 15, 2023 to March 31, 2023.
How will the interest rate be calculated?
Under the Amrit Kalash scheme, the interest will be payable on a monthly, quarterly, or half-yearly basis. It will be credited to the customer’s account at the end of the tenure, net of TDS. The TDS will be deducted at the applicable tax slab rate under the Income-tax Act, 1961.
The interest rate of 7.1 percent for general customers and 7.6 per cent for senior citizens is higher than the maximum rate of 7 per cent offered by SBI for fixed deposits of two to three years.
How can the deposits be made?
Customers can make deposits in this scheme at SBI’s branches, through netbanking, or by using the SBI YONO mobile app. Moreover, a loan against the ‘Amrit Kalash’ deposit scheme is also available.
Domestic retail term deposits, including non-resident Indian (NRI) rupee term deposits (less than ₹2 crore), new and renewals, term deposits, and special term deposits are eligible for this scheme.
This scheme also offers a premature withdrawal facility for customers, allowing them to take out their funds before maturity. Thus, the 'Amrit Kalash” deposit scheme can be a beneficial option for those seeking a long-term investment with added flexibility.
