SBI Amrit Kalash FD Scheme Now Offers 7.1% to General Customers, 7.6% to Senior Citizens

Rates for SBI Amrit Kalash Fixed Deposit: State Bank of India, the largest lender in India by assets, has announced that it will revive its retail term deposit, Amrit Kalash, which will provide senior citizens and others with an interest rate of 7.6% and 7.1% respectively.  It is a unique 400-day tenor scheme.

The similar retail term deposit programme was previously introduced by SBI on February 15, 2023, and it was effective through March 31, 2023.

The programme was relaunched by the bank on April 12 and will remain in effect until June 30, 2023. The programme is applicable to NRI rupee term deposits under Rs 2 crore as well as domestic retail term deposits.

The SBI website states that "The specific tenor plan of "400 days" (Amrit Kalash) at Rate of Interest of 7.10% w.e.f. 12-April- 2023. An interest rate of 7.60% is available to senior citizens.

Interest rate and tenor

The 400-day duration of the special fixed deposit programme. Senior folks would receive 7.60% interest, compared to 7.10% for ordinary investors. From April 12, 2023, to June 30, 2023, it is valid.

Taxes and interest

This plan will pay interest at intervals of monthly, quarterly, and semi-annually. The customer's account will be credited with the maturity interest earned on special term deposits, net of TDS.

Tax deducted at source (TDS) shall be applied to the programme at the rate allowed by the Income-Tax Act. Additionally, the plan will have a premature withdrawal and lending facility.

Wecare Senior Citizen FD Programme by SBI

In addition, SBI has extended the expiration date of its Wecare Senior Citizen FD programme until June 30, 2023. With a September 2020 starting maturity date, the plan was first announced in May 2020. The FD programme for senior citizens has since been frequently expanded.

An SBI statement says, "SBI takes pride in its association with Senior Citizens and introduces new Deposit Scheme 'SBI WECARE' protecting their income by offering higher interest on Term Deposits."

Rate of interest and term

For a duration ranging from 5 to 10 years, senior persons are granted an interest rate under this specific programme of 7.50%.

According to the SBI statement, this scheme offers consumers an additional premium of 50 bps (over and above the existing premium of 50 bps) over the card rate for the public, or 100 bps over the card rate for the public.