State Bank of India (SBI), which is the largest public sector bank in the country, has a special fixed deposit scheme called ‘SBI Amrit Kalash’ that guarantees attractive interest income. This scheme’s deadline has been extended several times, and recently, it has been extended until the end of March 2024.
SBI Special FD
Senior citizens can earn a high interest income of 7.6%, compounded with an additional 0.50%, during a specific time period. Fixed deposits are a popular and traditional investment option in our country that offers a relatively high and guaranteed return with low risk.
This option is particularly suitable for those looking to earn good interest income through short-term investments. So, the opportunity to earn interest income remains available for two more months.
SBI Amrit Kalash
SBI Amrit Kalash Scheme Interest Rate: The SBI Amrit Kalash scheme has a tenure of 400 days. If you deposit money under Rs. 2 crore, you can earn an interest rate of 7.1% per annum as a common citizen. Senior citizens, on the other hand, will earn an interest income of 7.6% compounded with an additional half per cent (0.50%) during the same period.
You can choose from different options such as monthly, once in 3 months, or once in 6 months for the interest on the SBI Amrit Kalash Deposit Scheme. Depending on the option you choose, the interest money will be credited to your account.
SBI Amrit Kalash Deposit Scheme Eligibility: The scheme is applicable to both domestic retail term deposits and NRI rupee term deposits of amounts below Rs. 2 crore. This means that anyone who wants to deposit an FD with an amount less than Rs. 2 crores is eligible for this scheme.
In addition to opening a new FD account, one can also renew an old deposit. The account holders have access to term deposit and special term deposit facilities as well.
How to apply for SBI Amrit Kalash FD Online
The SBI Amrit Kalash Scheme can be applied both offline and online. If you choose to apply offline, you can visit the nearest State Bank branch to open an account.
However, if you are unable to do so, you can apply online using SBI Internet Banking or SBI YONO. With the help of Internet Banking/YONO, you can easily open an SBI Amrit Kalash Account from the comfort of your own home.
If you find yourself in a situation where you need money urgently or can’t maintain a Fixed Deposit, the SBI Amrit Kalash scheme provides the option of withdrawing your deposit before the maturity date.
Additionally, you can apply for a bank loan against your Amrit Kalash deposit. According to Income Tax regulations, TDS (Tax Deducted at Source) will be deducted from the interest earned on your Amrit Kalash Scheme.
However, you can claim this amount at the time of filing your income tax returns. for more details, please visit the nearby SBI Branch channel or visit their official website.