The country’s largest public sector bank, State Bank of India (SBI), has announced a gift for its millions of customers.
The government bank has extended the investment deadlines for two of its schemes.
Recently, SBI launched the Amrit Vrishti Yojana, with the investment deadline now set for 31 March 2025.
Additionally, the investment period for SBI’s Amrit Kalash Yojana has also been extended to 31 March 2025; the previous deadline was 30 September. Here, you can learn about the advantages and disadvantages of both schemes.
The SBI Amrit Kalash offers an interest rate of 7.60%
The Amrit Kalash Yojana, offered by the largest public sector bank in the country, SBI, is a special fixed deposit (FD) scheme.
The investment deadline, originally set for 30 September 2024, has now been extended to 31 March 2025.
The scheme offers an interest rate of 7.10%, while senior citizens receive 7.60%.
This SBI scheme provides a higher interest rate than typical FDs for a duration of 400 days.
According to the bank’s website, anyone can invest in the Amrit Kalash Special Scheme for 400 days and enjoy guaranteed returns.
Investors in this scheme can receive interest payments monthly, quarterly, or semi-annually.
However, if the money is withdrawn prematurely before the 400 days are up, the bank may deduct a penalty of 0.50% to 1% from the applicable interest rate, as noted on the SBI website.
SBI ‘Amrit Vrishti’ FD Scheme
State Bank of India (SBI) has introduced a special fixed deposit (FD) called ‘Amrit Vrishti.’
This new scheme became effective on 15 July 2024. The Amrit Vrishti Yojana offers an annual interest rate of 7.25% on deposits for 444 days.
Additionally, SBI provides an extra 0.50% interest for senior citizens, ensuring they receive the highest returns.
This special FD can be booked through bank branches, internet banking, or the YONO app. You can invest up to Rs 3 crore in this FD, and investments will be accepted until 25 March 2025.
