The State Bank of India (SBI), the country’s largest public sector bank, is offering an exceptional savings scheme called the Amrit Kalash Scheme.
This scheme is available for a limited period of 400 days, and there are only seven days left to invest, with the final date being September 30, 2024.
Originally launched in April 2023, the scheme has seen multiple extensions due to customer demand.
Features of the Amrit Kalash FD Scheme
Duration: 400 days
Interest Rates:
General customers: 7.10%
Senior citizens: 7.60%
These rates are 30 basis points higher than those of regular fixed deposit schemes.
Who Can Invest?
The Amrit Kalash Scheme is available for both domestic and non-resident Indians (NRIs). It allows for new deposits as well as the renewal of existing deposits, applicable for term deposits under Rs 2 crore.
Interest Payment and Tax Benefits
Interest can be received on a monthly, quarterly, or half-yearly basis. For special term deposits, interest will be paid upon maturity, credited to the customer’s account after TDS deductions as per the Income Tax Act.
To claim TDS exemption, investors can submit Form 15G or 15H. The scheme also provides options for loan facilities and premature withdrawals.
How to Invest Online
Investing in the Amrit Kalash Scheme can be done easily online. Customers can book their deposits through SBI branches, internet banking, or the SBI YONO app.
If you’re looking to take advantage of this lucrative opportunity, make sure to invest before the deadline on September 30, 2024.
