The State Bank of India (SBI) relaunched its unique fixed deposit programme—Amrit Kalash—for retail customers on April 12, 2023. It is a special, 400-day tenor fixed deposit scheme from SBI. The bank had previously introduced this retail term deposit programme on February 15, 2023, with a set expiration date of March 31, 2023. According to the bank, the scheme will now run from April 12, 2023, until June 30, 2023.
For the general public, this special term deposit gives an interest of 7.1%, and for senior citizens, it offers a rate of 7.6%. According to the website, if the interest continues to accrue over the course of the 400-day term, the interest rate would provide the consumer with an effective yield of 7.29%. Similarly, the annualised yield for seniors would be 7.82%. NRI term deposits under ₹2 crore as well as domestic retail term deposits in rupees are eligible under the programme.
Now, let’s take a look at the features and benefits of SBI’s Amrit Kalash fixed deposit plan.
SBI Amrit Kalash: Benefits
Those investing in this FD scheme must keep their money in the account for 400 days to take advantage of the programme.
Customers can benefit from this scheme by opening an SBI Amrit Kalash account in person at a bank, or through the SBI Yono app, or via netbanking.
A premature withdrawal facility is also included in the Amrit Kalash Deposit plan.
Individuals who desire to invest their money for one to two years may find this plan to be extremely helpful.
Note: Under Amrit Kalash, the interest will be due every month, every quarter, or every half-year.
For fixed deposits of two years to less than three years, the bank now offers a maximum 7% rate of interest although the interest rates for senior citizens are 7.5% for the same duration.
The date for the bank's other fixed-term deposit, known as the SBI Wecare, was extended earlier this month. The interest rate on the Wecare term deposit for senior citizens is 100 basis points greater than the interest rate offered to the general public. Additionally, the deadline for this scheme has also been moved up to June 30, 2023.
Also read: Repo Rate Remains Unchanged At 6.50%, Here's A Look At The Repo Rate Hike By RBI In Last 3 Years
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