SBI has decided to introduce new Retail Term Deposit scheme “SBI Amrit Kalash” of specific tenor with
benefit in terms of higher rate of interest. Salient features of the Scheme are as under:
Scheme | Amrit Kalash |
Available | From 15.02.2023 to 31.03.2023 |
Period of Deposit | 400 Days |
Eligible Deposits | i) Domestic Retail Term Deposits including NRI Rupee Term Deposits (< Rs 2 crore) ii) New and Renewal Deposits iii) Term Deposit and Special Term Deposit only |
Interest Rate | 7.10% Senior Citizens, Staff and Staff Pensioners are eligible for additional interest rate applicable to them i.e. 7.60% |
Payment of Interest | i) Term Deposits – At monthly/ quarterly/half yearly intervals Special Term Deposits- On maturity ii) Interest, net of TDS, shall be credited to Customer’s Account |
TDS | At applicable rate as per Income-tax Act |
Premature Withdrawal | As applicable for Retail term deposit. |
Loan Facility | Available |
Available through | SBI Amrit Kalash FD Scheme is available through branch/INB/YONO channels and the special FD scheme of SBI also comes with premature withdrawal and loan against deposit facilities. |
Others | No separate product codes are required for AMRIT KALASH Deposit |
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The bank previously introduced this retail term deposit programme, and it was valid from February 15, 2023, through March 31, 2023. But on April 12, 2023, SBI stated that its Amrit Kalash FD retail term deposit programme has been extended till 30th June 2023.
Domestic retail term deposits including NRI Rupee Term Deposits of less than ₹2 crore, new and renewal deposits and term deposit and special term deposit only are the eligible deposits for SBI Amrit Kalash FD Scheme.
How is interest paid in SBI Amrit Kalash Deposit Scheme
Interest is paid on term deposits at monthly, quarterly, and semi-annual intervals. The maturity interest on special term deposits, net of TDS, will be added to the customer’s account.
It should be noted that TDS will be levied at the applicable rate under the Income-tax Act. The new Amrit Kalash Deposit will also include a premature and loan facility.
What is Amrit Kalash in SBI?
It is special fixed deposit scheme for period of 400 days
How can I open Amrit Kalash deposit in SBI?
Account can be opened through Branch, Internet Banking and Yono mobile app
What is the interest of 10 lakh in SBI per month?
Rs. 6076 per month with ROI @7.10% and Rs. 72913 for 12 months
What is the benefit of Amrit Kalash in SBI Bank?
The main benefit is High Interest Rate and Low maturity period