The SBI Amrit Kalash fixed deposit scheme will be valid on domestic retail term deposits of less than Rs 2 crore.
SBI Amrit Kalash FD: The State Bank of India’s Amrit Kalash fixed deposit scheme is valid till June 30. The special scheme will have a tenor of 400 days. The Amrit Kalash scheme was earlier valid from February 15 to March 31, later extended for another three months. The Amrit Kalash Deposit scheme is available to domestic and NRI customers.
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SBI Amrit Kalash Interest Rate
This special scheme offers 7.1% interest to the general public and 7.6% to senior citizens.
SBI Amrit Kalash Senior Citizen
The State Bank of India stated on its website, “The specific tenor scheme of ‘400 days’ (Amrit Kalash) will have a rate of interest of 7.10% w.e.f. 12- April- 2023. Senior citizens are eligible for a rate of interest of 7.60%. The scheme will be valid till 30-June-2023.”
SBI Amrit Kalash Benefits
The SBI Amrit Kalash fixed deposit scheme will be valid on domestic retail term deposits of less than Rs 2 crore. This includes Non-Resident Indian Rupee Term Deposits.
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The fixed deposit scheme is also valid on new and renewal deposits. Term deposits and special term deposits also fall under the State Bank of India’s Amrit Kalash scheme.
Interest Payout
The interest on the Amrit Kalash scheme will be paid at monthly, quarterly or semi-annual intervals. For special term deposits, the interest will be paid on maturity. SBI will deposit the interest, net of TDS, in the customer’s account at the end of the FD’s tenure.
Tax On Amrit Kalash
The TDS on the scheme will be deducted as per the Income Tax Act. Loan facility is available on the SBI Amrit Kalash scheme. A premature withdrawal facility is also available.
How To Buy Amrit Kalash scheme
Customers can avail the Amrit Kalash scheme at a local branch of the SBI, through netbanking, or using the SBI YONO mobile app.
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For term deposits which will mature between seven and 45 days, the rate of interest is 3%. SBI offers 4.5% returns on term deposits with a maturity of 46 days to 179 days. For FDs which will mature in 180 to 210 days, the rate of return is 5.25%.
Investors who have fixed deposits maturing in 211 days to less than a year, will receive 5.75% interest. Term deposits maturing in one year to less than two years will earn 6.8% interest. Deposits with a tenor of two to less than three years will earn 7% returns. For deposits ranging from three to 10 years, the rate of interest is 6.5%.
