The time to act is now if you’re thinking about investing in the unique fixed deposit scheme offered by State Bank of India (SBI)! Only until September 30, 2024, is the Amrit Kalash Fixed Deposit (FD) program, which has a special 400-day term, available.
Overview of SBI’s Amrit Kalash Scheme
This program was first introduced in April 2023, but owing to high demand, it has been extended multiple times. The largest bank in India, SBI, is enticing investors with this scheme because it offers competitive interest rates.
Interest Rates
- For General Customers: 7.10% interest rate.
- For Senior Citizens: A higher interest rate of 7.60%, which is 30 basis points (bps) above standard rates.
Eligibility
Both domestic and non-resident Indian (NRI) consumers are eligible for this program. It is applicable to both new and renewed deposits under the amount of Rs 2 crore.
Benefits
- Flexible Interest Payouts: You can choose to receive interest monthly, quarterly, or half-yearly.
- TDS Deduction: Tax Deducted at Source (TDS) will be in accordance with the Income Tax Act and directly credited to your account. You can also submit Form 15G/15H to claim exemption.
- Loan and Premature Withdrawal: The scheme offers a loan facility and allows premature withdrawal under certain conditions.
How to Invest
To invest in the Amrit Kalash FD, you can visit an SBI branch, use SBI’s Internet banking, or book the deposit through the SBI YONO app.
Don’t miss the opportunity to lock in these attractive rates before the scheme ends on September 30, 2024!
