If you want to invest but do not want to take any risks, Fixed Deposit (FD) is a great option. All banks offer FD facilities to their customers, and many have launched special FD schemes. The State Bank of India (SBI) has introduced a special FD scheme called “Amrit Kalash” for its customers. This scheme offers the benefit of high interest. In this article, we will tell you more about this FD scheme.
SBI Amrit Kalash FD Scheme
State Bank of India (SBI) offers the Amrit Kalash Fixed Deposit (FD) scheme, which allows investments until March 31, 2025. In this scheme, senior citizens receive 7.60% interest on their FD, while common citizens earn 7.10% interest. You can invest in this FD for up to 400 days, making it a special term deposit scheme.
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- FD Amount Limit: Customers can invest up to Rs 2 crore in this scheme.
- Interest Payment Options: Customers can choose their preferred interest payment frequency — monthly, bi-monthly, or half-yearly.
- Loan Facility: This FD scheme also offers a loan facility.
How to Apply
You can apply for the SBI Amrit Kalash FD scheme both online and offline:
- Offline: Visit the nearest SBI branch to apply.
- Online: Invest through SBI Net Banking or the SBI YONO app.
Other Investment Options from SBI
Amrit Vrishti FD: This scheme offers 7.25% interest for the general public and 7.75% for senior citizens annually. It is also available for investment till March 31, 2025.
WeCare FD: For FDs over 5 years, this scheme offers an additional interest rate of 50 basis points for senior citizens.
SBI Fixed Deposit Interest Rates (Effective from June 15, 2024)
Here’s a breakdown of the revised interest rates for different tenures:
| Tenure | Revised Rates for General Public | Revised Rates for Senior Citizens |
|---|---|---|
| 7 days to 45 days | 3.5% | 4% |
| 46 days to 179 days | 5.5% | 6% |
| 180 days to 210 days | 6.25% | 6.75% |
| 211 days to less than 1 year | 6.5% | 7% |
| 1 year to less than 2 years | 6.8% | 7.3% |
| 2 years to less than 3 years | 7% | 7.5% |
| 3 years to less than 5 years | 6.75% | 7.25% |
| 5 years and up to 10 years | 6.5% | 7.5% (WeCare Scheme) |
Disclaimer: The information provided in this article is for general knowledge only and should not be considered financial or legal advice. Rules may vary based on bank policies and government regulations. Please consult your bank or a legal expert for specific guidance. Times Bull is not responsible for any financial investments made, as it is entirely your responsibility. Please consult a financial advisor for better results.