The Amrit Kalash Deposit, a new term deposit scheme with a set length and advantages such a higher interest rate for both domestic and non-resident Indian (NRI) clients, has been introduced by the State Bank of India (SBI). Excellent interest rates are offered by the 400-day SBI Amrit Kalash Deposit FD Program for domestic and NRI customers. The SBI Amrit Kalash Deposit FD Program offers senior folks 7.60% interest on their fixed-term investments. Customers can purchase the Fixed Deposit till March 31, 2023 because the SBI Amrit Kalash Deposit is only accessible for a short period of time.
For regular citizens and senior citizens, the interest rate for this term is 7.10% and 7.60%, respectively.
The deposit is valid for 400 days.
- Domestic Retail Term Deposits including NRI Rupee Term Deposits (< Rs 2 crore)
- New and Renewal Deposits
- Term Deposit and Special Term Deposit only
Payment of Interest
- Term Deposits – At monthly/ quarterly/half yearly intervals
- Special Term Deposits- On maturity
- Interest, net of TDS, shall be credited to Customer’s Account
Note: TDS will be charged at applicable rate as per the Income Tax Act.
- Premature withdrawal is applicable for retail term deposit
- Loan facility is also available
Customer can subscribe for Amrit Kalash Scheme through Branch, INB, YONO channel.
Other Fixed Deposit from SBI
With effect from February 15, 2023, SBI raised the interest rate on its fixed deposit or term deposit by 5 basis points to 25 basis points for values under Rs 2 crore. Seniors would accrue interest at a rate 25 basis points higher than other investors. After the hike, the bank now provides interest rates for regular residents that range from 3% to 7% and for senior citizens that range from 3.5% to 7.50%.
A week after the RBI increased its repo rate by 25 basis points to 6.50 percent, the FD rates were updated. From May 2022, the repo rate had increased six times in a row.
Get more information from here – SBI Amrit Kalash