The State Bank of India (SBI), the country’s largest public sector bank, has surprised its millions of customers by discontinuing its popular Amrit Kalash Fixed Deposit (FD) scheme.
The scheme, which promised high returns in just 400 days, was available until 31 March 2025. However, SBI has officially withdrawn it starting from 1 April 2025.
What Happens to Existing Amrit Kalash FDs?
If you invested in the Amrit Kalash scheme before 31 March 2025, don’t worry. Your FD will continue as planned.
You will receive both your principal and the interest upon maturity, and your investment remains completely safe.
About the Amrit Kalash Scheme
The Amrit Kalash FD scheme was a popular short-term investment option that lasted 400 days (just over a year).
Launched in April 2023, it was designed to offer a higher return for a short period, making it attractive to many customers.
The bank had extended the scheme multiple times due to its popularity, but now it has been discontinued. The last date to invest in this scheme was 31 March 2025.
Features of the Amrit Kalash FD Scheme
Duration: 400 days
Interest Rates:
General customers received 7.10% interest.
Senior citizens enjoyed 7.60% interest.
These rates were 30 basis points higher than regular FD rates.
The scheme was available to both domestic and non-resident Indian (NRI) customers.
The FD was applicable for deposits less than Rs 2 crore.
Customers could opt for interest payouts on a monthly, quarterly, or half-yearly basis, with the principal and interest paid at maturity for special term deposits.
TDS was deducted as per the Income Tax Act, and the scheme allowed for loans and premature withdrawals.
