The deadline to subscribe to the State Bank of India’s (SBI) special fixed deposit (FD) scheme with a 400-day tenure is set to end on September 30, 2024. This scheme, which has seen several extensions due to strong customer interest, was initially launched in April 2023.
SBI, the largest bank in India by customer base, offers an additional 30 basis points (bps) in interest to both general customers and senior citizens on its Amrit Kalash FD plan, compared to its regular FD schemes with tenures ranging from 1 to 2 years.
The Amrit Kalash Deposit scheme is open to both domestic and NRI customers. Interest payments can be received on a monthly, quarterly, or half-yearly basis, and any TDS deducted is credited directly to the customer’s account.
SBI Amrit Kalash FD Scheme Last Date
The State Bank of India’s Amrit Kalash fixed deposit scheme is valid until September 30, 2024.
SBI Amrit Kalash Interest Rate
SBI’s Amrit Kalash scheme offers an interest rate of 7.10% for regular customers and 7.60% for senior citizens.
SBI Amrit Kalash Senior Citizen
Senior citizens are eligible for a rate of interest of 7.60%.
SBI Amrit Kalash Benefits
The SBI Amrit Kalash fixed deposit scheme applies to domestic retail term deposits of less than Rs 2 crore, including Non-Resident Indian (NRI) Rupee Term Deposits.
This scheme is valid for both new and renewal deposits, covering term deposits as well as special term deposits under the State Bank of India’s Amrit Kalash plan.
SBI Amrit Kalash: Interest Payout
Interest on the Amrit Kalash scheme can be paid at monthly, quarterly, or semi-annual intervals. For special term deposits, interest is paid upon maturity. At the end of the FD’s tenure, SBI will credit the interest, after deducting TDS, directly into the customer’s account.
Tax On Amrit Kalash
TDS on the Amrit Kalash scheme will be deducted following the Income Tax Act. The scheme also offers a loan facility, along with the option for premature withdrawal.
How To Invest In SBI Amrit Kalash Scheme Online?
If you’re interested in investing in SBI’s unique Amrit Kalash FD scheme, you can visit any SBI branch or conveniently book it through Internet banking or the SBI YONO app. Interest earned on the fixed deposit can be received monthly, quarterly, or half-yearly. Any TDS deducted will be credited to your account. To claim exemption from tax deduction under Income Tax (IT) rules, you can submit Form 15G/15H.
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