The State Bank of India (SBI) has extended the last date to invest in its Amrit Kalash special fixed deposit scheme many times. SBI Amrit Kalash special FD offers investors a higher interest rate compared to regular SBI FDs
What is the last date to invest in SBI Amrit Kalash
The last date to invest in Amrit Kalash is March 31, 2024. The specific tenor scheme of “400 days” (Amrit Kalash) at Rate of Interest of 7.10 % w.e.f. 12- April- 2023. Senior Citizens are eligible for rate of interest of 7.60%. The Scheme will be valid till 31-March-2024
Premature Withdrawal
According to the SBI website, “The interest shall be 0.50% to 1% below the rate applicable at the time of Deposits for the period Deposit has remained with the Bank or 0.50% or 1% below the contracted rate, whichever is lower.”
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.”
State Bank of India offers interest rate between 3.50% to 7% (except Amrit Kalash) for general citizens for tenure ranging from 7 days to 10 years. State Bank of India offers interest rate between 4% to 7.50% (including SBI Wecare) for senior citizens for tenure ranging from 7 days to 10 years.
| General investors | Senior citizens | |||
| Tenors | Existing Rates (%) for Public w.e.f. 15/02/2023 | Revised Rates (%) for Public w.e.f. 27/12/2023 |
Existing Rates (%)for Senior Citizen w.e.f. 15/02/2023 |
Revised Rates (%)for Senior Citizen w.e.f. 27/12/2023 |
| 7 days to 45 days | 3 | 3.5 | 3.5 | 4 |
| 46 days to 179 days | 4.5 | 4.75 | 5 | 5.25 |
| 180 days to 210 days | 5.25 | 5.75 | 5.75 | 6.25 |
| 211 days to less than 1 year | 5.75 | 6 | 6.25 | 6.5 |
| 1 Year to less than 2 years | 6.8 | 6.8 | 7.3 | 7.3 |
| 2 years to less than 3 years | 7 | 7 | 7.5 | 7.5 |
| 3 years to less than 5 years | 6.5 | 6.75 | 7 | 7.25 |
| 5 years and up to 10 years | 6.5 | 6.5 | 7.5 | 7.50* |
Source: SBI website
Other SBI products
SBI Green deposit
As per the SBI press release, SGRTD offers investors the flexibility to choose from three distinct tenors: 1111 days, 1777 days, and 2222 days. The scheme is available through the branch network, and it will soon be made available through other digital channels such as YONO and Internet Banking Services (INB).
SBI Sarvottam
Depositors will receive better interest rates than conventional fixed deposits under this arrangement. Under SBI Sarvottam term deposits, the bank offers an interest rate of 7.4 per cent for a tenure of two years. For a one-year tenure, the interest rate has been fixed at 7.10 per cent. Senior citizens will get an additional 50 basis points (bps) premium over the rate of interest provided to the general investors. They will earn an interest rate of 7.9 per cent for deposits maturing in two years. For a year, they will get an interest rate of 7.6 per cent in the bank.
SBI We care
This special FD aims in protecting income of senior citizens by providing additional interest on their term deposits. It was introduced in the year 2020. According to the SBI website, “Additional premium of 50 bps (over and above existing premium of 50 bps) over card rate for Public i.e., 100 bps over card rate for Public.”
