The State Bank of India has extended the Amrit Kalash fixed deposit scheme. Valid till June 30, the scheme offers 7.1 percent interest to the general public and 7.6 percent to senior citizens. The special scheme will have a tenor of 400 days. The Amrit Kalash scheme was earlier valid from February 15 to March 31.
The State Bank of India stated on its website, “The specific tenor scheme of ‘400 days’ (Amrit Kalash) will have a Rate of Interest of 7.10 percent 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 Amrit Kalash fixed deposit scheme will be valid on domestic retail term deposits of less than Rs 2 crore. This includes Non-Resident Indian Rupee Term Deposits. The fixed deposit scheme is also valid on new and renewal deposits. Term deposits and special term deposits also fall under the State Bank of India’s Amrit Kalash scheme.
The interest on the Amrit Kalash scheme will be paid at monthly, quarterly or semi-annual intervals. For special term deposits, the interest will be paid on maturity. SBI will deposit the interest, net of TDS, in the customer’s account at the end of the FD’s tenure.
The TDS on the scheme will be deducted as per the Income Tax Act. Loan facility is available on the SBI Amrit Kalash scheme. A premature withdrawal facility is also available.
Customers can avail the Amrit Kalash scheme at a local branch of the SBI, through netbanking, or using the SBI YONO mobile app.
At present, the State Bank of India offers interest between 3 percent and 7.1 percent to the general public on term deposits less than Rs 2 crore. For senior citizens, the returns are 0.5 percent higher and range from 3.5 percent to 7.6 percent.
For term deposits which will mature between seven and 45 days, the rate of interest is 3 percent. SBI offers 4.5 percent returns on term deposits with a maturity of 46 days to 179 days. For FDs which will mature in 180 to 210 days, the rate of return is 5.25 percent.
Investors who have fixed deposits maturing in 211 days to less than a year, will receive 5.75 percent interest. Term deposits maturing in one year to less than two years will earn 6.8 percent interest. Deposits with a tenor of two to less than three years will earn 7 percent returns. For deposits ranging from three to 10 years, the rate of interest is 6.5 percent.
Read all the Latest Business News, Tax News and Stock Market Updates here
Comments
0 comment