The big money plan of the biggest bank in our country, the State Bank of India, is going to end.
It’s called the ‘Amrit Kalash’ scheme, and it started as a fixed deposit. The last day to join this special plan has been moved several times.
As per the SBI website, this 400-day fixed deposit gives 7.1% interest to regular customers and 7.6% to senior citizens.
Amrit Kalash Scheme
You can invest in Amrit Kalash until December 31, 2023. In this unique plan of 400 days, investors get 7.10% interest starting from April 12, 2023.
Senior citizens get a higher interest of 7.60%. This plan will be available until December 31, 2023.
You can invest in the SBI Amrit Kalash FD Scheme through the branch, INB, YONO channels, and it also allows for early withdrawal and taking a loan against the deposit.
SBI FD Interest Rates
State Bank of India provides interest rates between 3% and 7% (except for Amrit Kalash) for amounts less than Rs 2 crore for general citizens.
For senior citizens, the interest rates range from 3.50% to 7.50%.
Interest Rates by Tenure (in percent)
| Tenure | General Citizens | Senior Citizens |
|---|---|---|
| 7 to 45 days | 3 | 3.5 |
| 46 to 179 days | 4.5 | 5 |
| 180 to 210 days | 5.25 | 5.75 |
| 211 days to 1 year | 5.75 | 6.25 |
| 1 year to 2 years | 6.8 | 7.3 |
| 2 years to 3 years | 7 | 7.5 |
| 3 years to 5 years | 6.5 | 7 |
| Up to 5 years and 10 years | 6.5 | 7.50@ |
| 400 days (Amrit Kalash) | 7.1 | 7.6 |
Payment of Interest and Facilities
Interest on the special FD scheme is paid when it matures. After deducting TDS, the interest will be deposited in the customer’s account.
According to the SBI website, if you withdraw the deposit before it matures, the interest will be 0.50% to 1% less than the rate at the time of deposit, or 0.50% or 1% less than the agreed rate, whichever is lower.
