SBI has launched lucrative new retail term deposit scheme named ‘AMRIT KALASH’ with beneficial rates of interest. The Scheme is launched on 15.02.2023 and is available till 31.03.2023. There are many investment options available in market but when SBI launches its scheme, people make investment because of its Security and Safety. It is one time domestic retail term deposit scheme available for Indians as well as NRI.
|1.||Type of Deposit||Term Deposit|
|2.||Availability||From 15.02.2023 to 31.03.2023|
|3.||Maximum Deposit||2 Crores|
|4.||Who can deposit||Any person including NRI|
|5.||Interest Rate||For SBI Employees
Other SBI Employees-8.10%
For General Public
*1% interest is higher paid to SBI Employees
|6.||Payment of Interest||Interest compounded quarterly
If Term Deposit-Payable monthly/quarterly/half yearly
If Special Term Deposit- On Maturity
|7.||Tax on Interest||TDS will be deducted as per applicable income tax provisions i.e. TDS will be deducted @10% on interest payments made above Rs.40000/- and in case of Senior Citizen above Rs.50000/-.|
|8.||Accounts opened||Can open new deposit in name of individual or Joint account or can convert Old FD into Amrit Kalash FD Scheme.|
|9.||Premature Withdrawal and Loan Facility||Available|
The customer can visit branch or apply through online Net Banking or YONO app of SBI.
1. Login to SBI Net banking Portal or Yono SBI app
2. In Deposit & Investment section click on Fixed deposit (e-TDR/e-STDR) section
3. Continue making FD by entering the investment amount.
4. Enter tenure of deposit in days as 400days and proceed.
5. Automatically the interest rate will be taken as 7.6% or 7.10% as per your age. If SBI employee then rate of interest will be 1% higher.
Suppose you deposit Rs.100000/- in this scheme , then after 400 days you will get Rs. 108017/- if you are general customer and Rs.108600/- if you are Senior Citizen. In case of SBI employees interest rate is 1% higher. This is the best, safe and secure option available if you want to make deposit in FD. Currently SBI has also increased normal FD rates. Making Investment is always a good habit and if investment is made at correct time you can earn higher rate of interest. SBI Amrit Kalash deposit Scheme is beneficial scheme and the only thing to remember is the last date of making investment i.e.31.03.2023.
The above comments do not constitute professional advice. The Author can be reached at email@example.com. My name is CA Divya Agrawal and I am Practising Chartered Accountant, CEO and Founder of FINANCIAL TREE COMPANY (An online return filing and Tax Consultancy Company). We also upload educational videos in You tube and name of our channel is FINANCIAL TREE COMPANY. Our aim is to help people in improving their financial health by spreading knowledge and love. Stay Financially Fit and Healthy.