The State Bank of India (SBI) has launched a new retail term deposit scheme called Amrit Kalash Deposit. This scheme is valid for a specific duration and has many benefits like a higher interest rate.
The Amrit Kalash Deposit - a new deposit scheme by SBI is valid for customers from 15 February to 31 March 2023.
According to an official tweet by SBI, "Introducing Amrit Kalash Deposit for domestic and NRI customers with attractive interest rates, 400 days tenure and much more. *T&C Apply."
What Is the Interest Rate of SBI Amrit Kalash Deposit?
The interest rate of SBI Amrit Kalash Deposit scheme varies among individuals. The interest rate of regular citizens is 7.10% while as the interest rate of senior citizens is 7.60%. There is an additional 1% return for pensioners and employees of SBI. The total tenure of the deposit scheme is 400 days.
What Are the Features and Benefits of SBI Amrit Kalash Deposit Scheme?
Following is the list of features and benefits of the Amrit Kalash deposit scheme by SBI.
In order to take advantage of the SBI Amrit Kalash deposit scheme, individuals have to hold their funds for at least 400 days.
31 March 2023 is the last date to apply for the SBI Amrit Kalash deposit scheme. Interested individuals can apply anytime between 15 February to 31 March 2023.
In order to benefit from the SBI Amrit Kalash deposit scheme, individuals have to open an SBI Amrit Kalash account or make an investment through SBI YONO.
The SBI Amrit Kalash deposit scheme is useful for individuals who want to invest their money for 1 to 2 years.
A premature loan facility is also available under the SBI Amrit Kalash deposit scheme.
Senior citizens will benefit from the SBI Amrit Kalash deposit scheme. They will get an interest rate of 7.60% on their investment. For example, if they invest Rs 1 lakh in the SBI Amrit Kalash deposit scheme2, after 400 days they will receive an interest of Rs 8,600.
The State Bank of India has recently increased the interest rates of fixed deposit (FD) and recurring deposit (RD) that have a maturity plan of 7 days to 10 years. General citizens will receive an interest rate of 3 to 6.50% while as the senior citizens will get an interest rate of 3.50% to 7.50%.
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