After hiking its fixed deposit rates by 25 bps, the State Bank of India (SBI) floated its new retail term deposit scheme, Amrit Kalash Deposit, which will offer an interest rate of 7.6 per cent to senior citizens and 7.1 per cent to others. The scheme is available for investors from February 15, 2023, and will be valid till March 31, 2023.
Amrit Kalash Deposit
The new 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.
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SBI in a tweet said: “Introducing “Amrit Kalash Deposit” for domestic and NRI customers with attractive interest rates, 400 days tenure and much more. *T&C Apply.”
The total interest earned on a deposit of Rs 1 lakh will be Rs 8,017 for general investors, while for senior citizens it will be Rs 8,600.
Scheme highlights
| eriod | 400 days |
| Interest rate | 7.1% for general customers 7.6 per cent for Senior citizens |
| Term Deposits | Available at monthly/ quarterly/half yearly intervals Special Term Deposits- On maturity |
| Interest payable | Interest, net of TDS, shall be credited to Customer’s Account |
| Tax payable | TDS will be deducted as per Income-tax Act rules |
| Loan facility | Premature withdrawal and loan facilities are available for this FD scheme |
Other FD schemes
SBI hiked its interest rates for fixed deposits or term deposits by 5 bps to 25 bps on amounts below Rs 2 crore, which are effective from February 15, 2023.
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Interest rates for senior citizens would be 25 bps more than the rates offered to general investors. After the hike, the bank is offering interest rates between 3 per cent to 7 per cent for regular citizens and 3.5 per cent to 7.5 per cent for senior citizens.
The FD rates were revised a week after the Reserve Bank of India (RBI) hiked its repo rate by 25 bps to 6.50 per cent. This was the sixth straight hike to the repo rate since May 2022.
| Tenure | FD rates for general investors | FD rates for senior citizens |
| 7 days to 45 days | 3.00 | 3.50 |
| 46 days to 179 days | 4.50 | 5.00 |
| 180 days to 210 days | 5.25 | 5.75 |
| 211 days to less than 1 year | 5.75 | 6.25 |
| 1 year to less than 2 year | 6.80 | 7.30 |
| 2 years to less than 3 years | 7.00 | 7.50 |
| 3 years to less than 5 years | 6.50 | 7.00 |
| 5 years and up to 10 years | 6.50 | 7.50 |
Along with this, SBI is also offering the SBI Wecare deposit scheme for Senior Citizens in the Retail TD segment wherein an additional premium of 50 bps over and above the existing 50 bps, i.e. 100 bps over card rate for the public (as indicated in the above table) will be paid to Senior Citizens on their retail TD for ‘5 Years and above’ tenure only.
SBI Wecare deposit scheme is also valid till March 31, 2023.
