SBI ‘Amrit Kalash’ special FD scheme with 7.6% interest rate, check details

The State Bank of India, India’s biggest lender by asset reinstated a retail term deposit known as the "SBI Amrit Kalash" on Saturday. It is a unique 400-day tenor programme from the SBI. This retail term deposit programme was previously introduced by the bank with a set expiration date of February 15, 2023, through March 31, 2023. 

For the general public, this special term deposit offers a rate of 7.1 per cent, while for senior people, the rate is 50 basis points (bps) higher at 7.6 per cent.

“The specific tenor scheme of “400 days” (Amrit Kalash) at 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,” the SBI said in a statement.

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The programme was relaunched by the bank on April 12 and will remain in effect until June 30, 2023. The programme is applicable to NRI rupee term deposits under Rs 2 crore as well as local retail term deposits.

This program will pay interest at intervals of monthly, quarterly, and semi-annually. The customer's account will be credited with the maturity interest earned on special term deposits, net of TDS.

Tax deducted at source (TDS) will be applied to the programme at the rate allowed by the Income Tax Act. Also, the plan will have a premature withdrawal and lending facility.

Anybody interested in making a deposit into the scheme may do so at any SBI branch, online, or through the SBI YONO mobile app. Also, they may apply for a loan via the "Amrit Kalash" deposit programme. In this programme, users also have access to a premature withdrawal option.