SBI Amrit Kalash special deposit scheme: Check last date, tenure, interest and other benefits

The State Bank of India’s (SBI) popular fixed deposit scheme for its domestic and NRI investors, Amrit Kalash, is available till June 30, 2023. The special FD scheme is for 400 days and offers 7.6 per cent interest rate to senior citizens and 7.1 per cent to others.  

Earlier, the scheme was valid till March 31. Later, it was reintroduced for another three months.  

The official website of SBI stated: “The specific tenor scheme of “400 days” (Amrit Kalash) at Rate of Interest of 7.10 per cent w.e.f. 12- April- 2023. Senior Citizens are eligible for rate of interest of 7.60 per cent. The Scheme will be valid till 30-June-2023.” 

Here are the top points: 

Scheme	‘AMRIT KALASH
Available	June 30, 2023
Period of Deposit	400 Days
Eligible Deposits	Domestic Retail Term Deposits including > NRI Rupee Term Deposits ( >  New and Renewal Deposits > Term Deposit and Special Term Deposit only
Interest Rate	7.10%
Interest Rate	Senior citizens: 7.6%
Payment of Interest	>  Term Deposits – At monthly/ quarterly/half yearly intervals > Special Term Deposits- On maturity > Interest, net of TDS, shall be credited to Customer’s Account
TDS	At applicable rate as per Income-Tax Act
Premature Withdrawal	As applicable for Retail term deposit.
Loan Facility	Available
Available through	Branch/INB/YONO Channels
Others	No separate product codes are required for AMRIT KALASH Deposit

> The scheme is applicable on domestic retail term deposits including NRI Rupee Term Deposits below Rs 2 crore. 

> The special fixed deposit scheme is for a period of 400 days.  

> The interest rate for general investors is 7.10 per cent, whereas senior citizens would get 7.60 per cent. 

> At 7.6 per cent interest, the annualised yield from Amrit Kalash deposit works out to be 7.82 per cent for senior citizens and 7.29 per cent for others at 7.1 per cent interest. 

> The FD is also valid on new and renewal deposits. Term deposits and special term deposits also fall under the State Bank of India’s Amrit Kalash scheme. 

> The interest on the Amrit Kalash scheme is calculated on a monthly, quarterly and semi-annual basis. For special term deposits, the interest will be paid on maturity.  

> The bank will deposit the interest, net of TDS, in the customer’s account at the end of the scheme tenure.

> The TDS on the FD scheme will be deducted as per the Income Tax Act.  

> Loan facility is available on the SBI Amrit Kalash scheme. Besides, premature withdrawal facility is also available. 

> Customers can invest in the Amrit Kalash scheme by visiting a local branch of the SBI, through netbanking, or using the SBI YONO mobile app. 

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