In today’s unpredictable world, preparing financially for the future is essential. For those seeking a reliable investment option, the State Bank of India’s ( SBI ) Amrit Kalash Yojana presents a compelling opportunity. This fixed deposit (FD) scheme offers an impressive interest rate for a 400-day term, allowing customers to earn over 7% returns. Here’s everything you need to know about this investment option.
Attractive Interest Rates
The Amrit Kalash Yojana offers competitive interest rates:
- Regular Customers: 7.1% interest on a 400-day FD.
- Senior Citizens: An enhanced rate of 7.6%, providing added financial benefits.
Investment Period
- Extended Deadline: This scheme is available for investment until March 31, 2024.
Interest Payout
- Maturity Payment: Interest, after TDS deductions, is credited directly to your account upon maturity, ensuring seamless access to your returns.
Read More: Rupee hits record low on US election updates, RBI likely steps in
General Interest Rates for SBI FDs
For fixed deposits under ₹2 crore, SBI offers varied interest rates:
- Regular Customers: Between 3% and 7%.
- Senior Citizens: Rates range from 3.5% to 7.5%, ensuring higher returns for retirees.
Easy Investment Options
Investing in the Amrit Kalash Yojana is convenient and accessible both online and offline:
- Online: Use SBI’s net banking platform or the SBI YONO app for hassle-free investments.
- Offline: Visit any SBI branch to open your FD in person.
Read More: NRI investing in Indian stocks? Know about TDS on capital gains
Additional Flexibility
This scheme also offers flexibility with features such as:
Premature Withdrawal: Withdraw your deposit early if needed.
Loan Against Deposit: Borrow against your FD balance, providing an additional source of funds without breaking the investment.
For those seeking a safe, high-yield investment, SBI’s Amrit Kalash Yojana is a noteworthy choice, combining attractive returns with flexibility and security.
