SBI Reintroduces Amrit Kalash FD Scheme: Check Interest Rate, Benefits, And More

The State Bank of India has chosen to reinstate the "AMRIT KALASH" retail term deposit. It is a unique 400-day tenor scheme.

This retail term deposit programme was previously introduced by the bank with a set expiration date of February 15, 2023, through March 31, 2023.

For regular persons, the interest rate on this FD is 7.10 percent; for senior folks, it is 7.6 percent. 

The recently reinstituted programme is in effect from April 12, 2023, through June 30, 2023.

NRI rupee term deposits under Rs 2 crore are included in domestic retail term deposits. Only applicable to new and renewed deposits as well as term and special term deposits.

Term deposit interest is paid at intervals of monthly, quarterly, and semi-annually. The customer's account will be credited with the maturity interest earned on special term deposits, net of TDS.

In keeping with the Income-tax Act, TDS will be assessed at the appropriate rate. A premature and lending facility will also be part of the new Amrit Kalash Deposit.

For instance, senior citizens will get Rs 8,600 in interest if they deposit Rs 1 lakh in the scheme for 400 days. A regular person who invests Rs 1 lakh in the plan will receive Rs 8,017 in interest when it matures.