State Bank of India (SBI) has introduced a special fixed deposit scheme called Amrit Kalash, which is now open for NRIs (Non-Resident Indians) to invest in. This exclusive scheme offers great benefits to NRI investors, including higher interest rates and an extended investment deadline. Not only NRIs, but domestic and NII (Non-Institutional Investors) can also take advantage of the profitable Amrit Kalash FD scheme offered by SBI.
The country’s largest government bank, SBI, has recently announced an extension of the investment deadline for their highly popular Special Amrit Kalash Deposit Scheme (SBI Amrit Kalash Deposit Scheme) until June 30, 2023. This scheme allows investors to deposit an amount below Rs 2 crore for a tenure of 400 days. It presents a valuable opportunity for NRIs to maximize their investments and earn attractive returns.
Interest Rates on SBI’s Amrit Kalash Deposit Scheme
SBI’s special deposit scheme, Amrit Kalash, was initially open for investment from February 15, 2023 to March 31, 2023. As per the information available on SBI’s website, the interest rates on the 400-day special FD scheme, Amrit Kalash, have been revised. Ordinary citizens and NRI investors will now receive an increased interest rate of 7.10%. On the other hand, senior citizens who choose to invest in this scheme will be offered an interest rate of 7.60%.
Interest Rates on SBI Domestic FDs
For regular citizens, State Bank of India provides interest rates ranging from 3% to 7% for tenures spanning from 7 days to 10 years. Under the SBI V-Care Deposit Scheme for Senior Citizens, the interest rates offered range from 3.5% to 7.50%, including an additional premium of 50 basis points.
Payment of Interest to Investors
Interest on the SBI Amrit Kalash deposit is paid to investors at monthly, quarterly, and half-yearly intervals. Upon maturity of the Amrit Kalash deposit, the interest amount, after deducting TDS (Tax Deducted at Source), will be credited to the customer’s account. The scheme also includes facilities for premature withdrawals and loans, providing additional flexibility to investors.