State Bank of India has withdrawn its popular fixed deposit scheme, Amrit Kalash, which had gained attention due to its attractive interest rate of 7.60 percent for senior citizens. Although this special FD option is no longer available, SBI will continue offering the Amrit Vrishti scheme for a limited period. Investors looking for high returns now have fewer time-bound choices left with the country’s largest public sector bank.
SBI Amrit Kalash Scheme Discontinued
SBI has officially ended the Amrit Kalash FD scheme, which was introduced as a special term deposit for both general customers and senior citizens. The scheme offered a tenure of 400 days and promised a 7.10 percent annual interest rate for the general public and 7.60 percent for senior citizens. It was initially launched in February 2023 and had been extended several times due to high demand. The last date to invest in Amrit Kalash was March 31, 2025, and after this, the bank removed the option from its website. Customers who already booked this FD before the deadline will continue to receive the promised interest rate till maturity.
SBI Amrit Vrishti Scheme Will Continue
Though Amrit Kalash is no longer available, the bank has decided to continue its other special deposit plan, Amrit Vrishti. This scheme is available only for domestic retail term deposits of less than Rs 2 crore and is applicable for both fresh deposits and renewals. However, Amrit Vrishti is available exclusively at select SBI branches and for a limited period. The interest rate and tenure under this scheme vary based on customer eligibility and branch participation, so customers must check with their local SBI branch for availability.
Why Was Amrit Kalash Popular Among Investors?
Amrit Kalash became a preferred choice due to its limited tenure and attractive rates, especially for senior citizens. With 400-day maturity and a 7.60 percent return, it gave better earnings than many other regular FDs. For risk-averse investors seeking a safe yet high-return option, it was a strong alternative to volatile market instruments.
What Should Depositors Do Now?
With Amrit Kalash off the table, depositors looking for similar benefits can consider Amrit Vrishti if it’s available in their area. They should also keep an eye on any future FD schemes SBI might roll out. Exploring other banks’ special FDs or recurring deposits could also be worthwhile depending on individual financial goals and time horizons.