SBI Scheme: The State Bank of India (SBI), the largest public sector bank in the country, has surprised its millions of customers by ending its popular investment scheme designed to make you wealthy in 400 days. The bank has officially pulled the plug on the ‘Amrit Kalash’ fixed deposit (FD) scheme. Initially, the last date for investing in this scheme was set for March 31, 2025, but SBI has now decided to discontinue it effective April 1, 2025. If you applied for the Amrit Kalash scheme on March 31, 2025, here’s what you need to know about your FD.
What happens to those who invested in the Amrit Kalash FD scheme?
For those who invested in SBI’s Amrit Kalash Yojana by March 31, 2025, rest assured that you will receive your principal amount along with interest upon maturity. Investors in the Amrit Kalash Yojana have nothing to worry about; their funds and interest are completely secure.
What was the Amrit Kalash Scheme?
The Amrit Kalash FD scheme was an attractive savings option where customers could invest for a period of just 400 days, which is a little over a year. Unfortunately, since the bank has withdrawn the scheme, new investments are no longer possible. The scheme was launched in April 2023 and had its investment deadline extended multiple times due to customer interest.
Key features of the Amrit Kalash FD scheme:
Duration: 400 days
Regular customers enjoyed an interest rate of 7.10%, while senior citizens received 7.60%, which was 30 basis points higher than standard FD rates. This scheme was available to both domestic and non-resident Indians (NRIs) and applied to term deposits of less than Rs 2 crore. Customers had the option to receive interest monthly, quarterly, or semi-annually, with interest paid at maturity for special term deposits. TDS was deducted in accordance with the Income Tax Act, and the scheme also allowed for loans and early withdrawals.