SBI Amrit Kalash scheme will be closed from 15th August. If you are planning to invest in this scheme, then just think because a new 400-day FD scheme has been launched in Bank of India also a few days ago, which is giving better interest than Amrit Kalash.
Just as the country’s largest government bank State Bank of India is running Amrit Kalash, a 400-day FD scheme for its customers, similarly Bank of India also has an FD scheme. The name of this scheme is Monsoon Deposit. Under this scheme also FD has to be done for 400 days only. SBI’s Amrit Kalash scheme is going to close on 15th August. In such a situation, if you are planning to invest in Amrit Kalash, then just think because in Bank of India’s Monsoon Deposit Scheme, you can get better returns than SBI’s Amrit Kalash Deposit Scheme.
SBI Amrit Kalash VS BOI Monsoon Deposit
In SBI Amrit Kalash scheme, common citizens are getting interest at the rate of 7.10% and senior citizens at 7.60%. While on BOI’s 400-day monsoon deposit FD, you will get interest at the rate of 7.25%. Which is a profitable deal in comparison to Amrit Kalash. In this scheme, FD up to Rs 2 crore can be made.
A few days ago, BOI changed the interest rates
Let us tell you that some time ago, the interest rates of FDs of less than two crore rupees have been changed by the Bank of India. Meanwhile, the Monsoon Deposit FD scheme was also launched. This scheme, which gives better interest in less time, can become a profitable deal for the customers. According to the website, the new rates have come into effect from 28 July 2023. If you want to invest in any FD scheme of Bank of India, you can do it either online or offline.
These are the new interest rates of Bank of India
- FD up to 1 year: 6.00%
- More than 1 year to 399 days: 6.00%
- 400 days (Monsoon Deposit): 7.25%
- 401 days to less than 2 years: 6.00%
- 2 years to less than 3 years: 6.75%
- 3 years to less than 5 years: 6.50%
- 5 years to less than 10 years: 6.00%
