State Bank of India is considered as the largest lender of the country and the country has again reintroduced its Fixed Deposit (FD) Scheme for both domestic and NRI customers. SBI has introduced the Amrit Kalash Deposit FD Scheme for domestic and NRI customers with 'attractive interest rates' and for a period of 400 days.
The official website of SBI reads, “Bank has decided to reintroduce Retail Term Deposit ‘AMRIT KALASH’ scheme of 400 days tenor @7.10% p.a."
Banks have come to a decision to offer special fixed deposits besides the regular deposits. the only difference is that these special deposits will be available for a short period of time with higher interest rates with an aim attract new customers and retain the old customers. Few banks have stopped offering special deposits and few banks have extended the date.
Since last year many banks have revised bank FDs in tandem with the Reserve Bank of India’s repo rate.
This retail term deposit programme was previously introduced with a set expiration date of 15 February 2023, through March 31, 2023. The reintroduced scheme is valid from April 12, 2023 to June 30, 2023. The interest rate is 7.10% for regular people and 7.60% for elderly citizens. Other important points include:
Eligible Deposits include domestic Retail Term Deposits including NRI Rupee Term Deposits (< Rs 2 crore), New and Renewal Deposits, Term Deposit and Special Term Deposit only
Interest Rate will be 7.10% for general public. Senior Citizens, Staff and Staff Pensioners.
Payment of Interest can be in the form of Term Deposits at monthly/ quarterly/half yearly intervals or Special Term Deposits- On maturity, Interest, net of TDS that shall be credited to Customer’s Account
TDS will be applicable rate as per Income-tax Act
Premature withdrawal will be applicable for Retail term deposit
Loan Facility will be available
Available through: Branch/INB/YONO Channels
How to Apply for SBI Amrit Kalash FD Scheme?
Visit the official SBI website or the Yono SBI app
Try to login and click on fixed deposit section under 'In Deposit & Investment' section
Continue making FD and enter the investment amount.
You will also have to enter the tenure of deposit in days as 400 days and proceed.
Automatically the interest rate will be entered as 7.6% or 7.10% as per your age.
If you are an SBI employee, rate of interest will be 1% higher.