State Bank of India (SBI) has launched a new limited-period fixed deposit scheme Amrit Kalash, which will offer an interest rate of 7.6% to senior citizens and 7.1% to others. SBI staff and pensioners will get an additional 1% interest rate applicable to them.
The announcement of a new fixed deposit scheme from SBI comes in the wake of rising FD rates announced by several banks in recent months. Some small finance banks are offering up to 9% FD interest rates.
Following are key details of the Amrit Kalash fixed deposit scheme you should know.
Amrit Kalash Fixed Deposit scheme: Tenure
The period of deposit under the Amrit Kalash Fixed Deposit scheme is 400 days.
Amrit Kalash Fixed Deposit scheme: Availability, last date to apply
The scheme will be available between February 15, 2023, to 31st March 2023. Therefore, the last date to apply for this scheme is 31st March 2023.
Amrit Kalash Fixed Deposit scheme: Interest rate
The interest rate on the Amrit Kalash Fixed Deposit scheme is 7.6% for senior citizens and 7.1% for others. The bank said that Senior Citizens, Staff and Staff Pensioners will be eligible for an additional interest rate
applicable to them.
How to apply?
You can apply for the Amrit Kalash deposit through an SBI
Who should apply?
Amrit Kalash FD may be suitable for individuals interested to park their funds for a short term of around 1 year. The interest rate offered by the SBI Amrit Kalash scheme is better than the 1-year time deposit offered by Post Office.
Also Read: Get up to 9.5% interest on RD, FD with this bank
How much interest you can earn with Amrit Kalash?
As the tenure of the scheme is 400 days, the scheme will provide an interest of around Rs 8600 on a deposit of Rs 1 lakh to senior citizens. For others, Rs 1 lakh deposit will earn Rs 8017 as interest in 400 days.