The specific tenor scheme of 400 days provides 7.6% interest to senior citizens.
The bank reintroduced the Amrit Kalash scheme on April 12 and is valid till June 30.
India’s largest lender State Bank of India has reintroduced its retail term deposit, Amrit Kalash which will offer an interest rate of 7.6 per cent to senior citizens and 7.1 per cent to others. It is a special FD scheme for a period of 400 days. The bank reinstated the scheme on April 12 and is valid till June 30. The scheme is only applicable to domestic retail term deposits including NRI Rupee Term Deposits below Rs 2 crore. Earlier, SBI launched the same scheme for a shorter tenure on February 15, this year and was valid till March 31.
The SBI website days, “The specific tenor scheme of ‘400 days’ (Amrit Kalash) at Rate of Interest of 7.10 per cent with effect from (w.e.f.) 12- April- 2023. Senior Citizens are eligible for a rate of interest of 7.60 per cent.”
The interest on this trading scheme will be deposited monthly, quarterly and semi-annual intervals. The maturity interest on special term deposits, net of Tax Deducted at Source (TDS) will be added to the customer’s account.
This scheme will attract TDS at the applicable rate under the Income Tax Act. The Amrit Kalash scheme also has a premature withdrawal and loan facility for the public. SBI is currently offering a maximum of 7 per cent rate of interest for fixed deposits of two years to less than three years, whereas the highest rates are provided to senior citizens which is 7.6 per cent for the same tenure as well as for longer-term under SBI Wecare FD scheme.
SBI has also extended the Wecare Senior Citizen FD scheme to June 30. The scheme was launched in May 2020 with an initial maturity date of September 2020. Since then, the scheme has been repeatedly extended.
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