The SBI Amrit Kalash Scheme, a limited-period fixed deposit (FD) scheme with attractive returns for customers, was recently introduced by State Bank of India (SBI). Senior citizens can take advantage of an additional 0.50 percent interest, bringing their return to 7.60 percent, while ordinary citizens receive a rate of 7.10 percent. The bank’s employees and pensioners are also eligible for an additional interest rate of 1%.
The SBI Amrit Kalash Scheme has a duration of 400 days, between February 15, 2023, and March 31, 2023, when investors can deposit their funds. Customers can invest in the SBI Amrit Kalash program through SBI Yono or open an account at an SBI branch.
People who are looking to invest their money for a period of one to two years will benefit most from this plan. Senior citizens can take advantage of the scheme’s higher interest rates because they will get a return of Rs 8,600 on their Rs 1 lakh investment. For the same amount of money invested, general customers will receive a return of Rs 8,017.
In addition, SBI has raised the interest rates on its recurring deposit (RD) and fixed deposit (FD) schemes. For FDs, the bank currently offers interest rates ranging from 3% to 6.40%, with tenures ranging from 7 days to 10 years for general citizens and 3.5% to 7.25% for seniors. For terms ranging from one year to ten years, interest rates on RD schemes are available at rates of 6.80 percent to 6.5 percent.
SBI’s move comes at a time when a number of other banks have also increased their FD rates. Many small finance banks offer FD schemes with interest rates of up to 9.00 percent. As a result, SBI’s decision to raise interest rates is well-received by its customers.
