State Bank of India has introduced this scheme for a limited period of time. This scheme is currently open for investment. But it is going to close soon. The bank has not yet said anything about taking it further.
The country’s largest public sector bank State Bank of India (SBI) launched a Fixed Deposit (FD) scheme named ‘Amrit Kalash’ in February this year. This scheme was earlier open for investment only till March 31, 2023. But it was extended later. Now this scheme is open for investment till 15th August.
If you are planning to invest in Fixed Deposit, then you can choose the option of Amrit Kalash Yojana. The bank is offering interest at the rate of seven per cent on investment in this scheme of 400 days.
How much interest is being received?
According to SBI’s website, the bank will pay interest at the rate of 7.10 per cent on special fixed deposits of 400 days. Apart from this, senior citizens will get interest at the rate of 7.60 percent under this. This scheme is available for investment till 15 August.
If ordinary investors invest Rs 1 lakh under this scheme, then they will earn Rs 8,017 annually as interest. At the same time, senior citizens will get Rs 8,600 annually as interest. This scheme will mature in 400 days. That is, you have to invest under this scheme for 400 days.
When can you take the amount of interest
Those investing in Amrit Kalash scheme can take interest on monthly, quarterly and half-yearly basis. Maturity interest on this special FD deposit will be deposited in the customer’s account after deducting TDS.
TDS will be levied at the rate applicable under the Act of Income Tax. Premature and loan facility is also available in Amrit Kalash Yojana. This scheme has been re-opened for investment from 12 April 2023.
how much can invest
You can invest up to two crore rupees in Amrit Kalash Special FD. There is a provision for premature withdrawal of this scheme. According to the bank, there is no need for a separate product code to invest in the Amrit Kalash scheme. You can use SBI’s Yono banking app to invest in this scheme. Apart from this, you can also invest in this scheme by visiting the branch.
In the last financial year, the Reserve Bank had continuously increased the repo rate. Since then, the banks of the country had increased the interest rates of their FD schemes. To make FDs attractive, banks had also started new schemes along with the increase in interest rates.
