sbi amrit kalash deposit scheme

SBI Amrit Kalash 2023: 400 Days Special FD Scheme is back again[Limited Period]

India’s largest Public sector bank State Bank of India (SBI) has re-introduced its special deposit scheme I.e. Amrit Kalash. Earlier, SBI introduced this special FD scheme intended for a specific time period, and that too for almost 44 days only i.e. From 15th February 2023 to 31st Mar 2023.

Now this SBI Amrut Kalash scheme has been re-introduced and let’s see things like
How much can be deposited..!!
How much interest can be earned?
What are the features of the SBI Amrit Kalash deposit scheme?

Let’s Start..!!

What is SBI Amrit Kalash?

Amrita Kalasha is a retail special deposit scheme. In this, you have to deposit the lumpsum amount and hold it for a fixed period of 400 days.

How it is different from Regular Fixed Deposit..!!
Generally, if you create a regular fixed deposit (FD), the interest rates vary depending on the period. Whereas, in this Amrit Kalash, the interest rate, as well as the time period, both are consistent. The only thing that changes is the amount you deposit.

SBI Amrit Kalash Interest rate

State Bank of India (SBI) offers interest @ 7.1% to General citizens & 7.6% interest to Senior citizens, Staff & Staff pensioners of SBI. The interest will be paid at Monthly, Quarterly, and Semi-Annual intervals.

The interest in this Amrita Kalash is calculated on a Quarterly compounding basis.

For the Regular fixed deposits, interest will be paid at Monthly, Quarterly, and Semi-annual intervals. Whereas, in this Amrit Kalash deposit scheme, the interest earned on this deposit will be paid at Maturity time.

SBI Amrit Kalash’s last date

The late to deposit of your lump sum amount in SBI Amrit Kalash will be available till 30th June 2023.

SBI Amrit Kalash vs FD: which is better?

SBI Amrut Kalash scheme & Regular Fixed deposit scheme both are Fixed deposit schemes only. The former is the Special deposit scheme and the latter is a regular deposit scheme.

The regular FD scheme of SBI offers retail term deposits with 3-7% interest for a period of 7 days to 10 years to regular citizens and 3.5-7.5% interest to Senior citizens.
If you want to earn 7% interest through regular fixed deposits, you have to hold your deposit for at least 2 years term. i.e. for 730 days.

Whereas, in the Amrit Kalash scheme, you can earn almost 7.1% interest within a period of 1 year 1 month (approx) i.e. 400 days period.

Therefore, if you are deposit holders who want to make a fixed deposit under Rs.2 crores can deposit some portion of your money in this Amrit Colors scheme as you get more interest in a lesser period of time.

Also Read: Gold Hallmark: 3 New rules everyone must know

SBI Amrit Kalash Minimum deposit

The minimum deposit to hold in SBI Amrit Kalash minimum deposit is Rs.1000 only

SBI Amrit Kalash TDS applicability

TDS will be applicable as per the Income-tax Act,1961 and your interest portion will be credited to the customer account after deducting the applicable TDS.

If the interest paid to the regular citizens by the bank is more than Rs.40,000, then 10% TDS will be deducted. Whereas for senior citizens also a 10% TDS will be deducted if the interest earned amount exceeds Rs.50,000.

SBI Amrit Kalash Premature withdrawal

In case you money requirement to withdraw, you can prematurely withdraw the amount deposited in Amrit Kalash. The terms and conditions applicable on Retail term deposit will be applicable here.
You can avail loan facility on the amount you deposited.

Moreover, you can deposit this special term deposit in SBI branches or through Internet banking or Yono banking.

Also Read: How to check Rs.500 Note original or Fake | Check Fake currency

I hope you understood the “SBI Amrit Kalash” concept.
Please Comment “GOOD” if you like the article and it encourages us. Also, share this article with your Friends & Family…

Thanks for reading..!!!

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