The country’s largest lender State Bank of India (SBI) has once again extended the last date of deposits for its Amrit Kalash Fixed Deposit (FD) scheme. As per the latest information on the SBI website, the Amrit Kalash deposit scheme will now be valid till August 15, 2023.
Earlier, the scheme was valid till June 30 after it was reintroduced in April 2023.
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The special FD scheme is for 400 days and offers 7.6 per cent interest rate to senior citizens and 7.1 per cent to others.
It is the highest interest rate SBI offers its senior citizens and others compared to other tenors.
Here are the top points:
> The special FD scheme is applicable on domestic retail term deposits including NRI Rupee Term Deposits below Rs 2 crore.
> The special fixed deposit scheme is for a period of 400 days.
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> The interest rate for general investors is 7.10 per cent, whereas senior citizens would get 7.60 per cent.
> At 7.6 per cent interest, the annualised yield from Amrit Kalash deposit works out to be 7.82 per cent for senior citizens and 7.29 per cent for others at 7.1 per cent interest.
> The interest on the Amrit Kalash scheme is calculated on a monthly, quarterly and semi-annual basis. For special term deposits, the interest will be paid on maturity.
> The FD is also valid on new and renewal deposits. Term deposits and special term deposits also fall under the State Bank of India’s Amrit Kalash scheme.
> The bank will deposit the interest, net of TDS, in the customer’s account at the end of the scheme tenure.
> The TDS on the FD scheme will be deducted as per the Income Tax Act.
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> The investors can use Form 15G/15H to request an exemption from tax deduction under Income Tax Rules.
> Loan facility is available on the SBI Amrit Kalash scheme. Besides, premature withdrawal facility is also available.
> Customers can invest in the Amrit Kalash scheme by visiting a local branch of the SBI, through netbanking, or using the SBI YONO mobile app.
