SBI Amrit Kalash scheme: All about new Fixed Deposit option for senior citizens - check interest rate and calculator

SBI Amrit Kalash: The move to hike the repo rate by the Reserve Bank of India (RBI) comes with a silver lining for fixed deposit investors as banks are offering an attractive rate of interest on term deposits. State Bank of India (SBI) has announced to launch a new fixed deposit scheme for senior citizens. Deposits under the scheme by senior citizens will attract an interest rate of 7.6 per cent while others will get 7.1 per cent return. SBI staff and pensioners will get an additional 1 per cent return.

The Amri Kalash scheme was floated by the country's largest lender on February 15. The scheme is valid till March 31.

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“Introducing Amrit Kalash Deposit for domestic and NRI customers with attractive interest rates, 400 days tenure and much more. T&C Apply,” SBI said in a Tweet.

Introducing “Amrit Kalash Deposit” for domestic and NRI customers with attractive interest rates, 400 days tenure and much more.
*T&C Apply#SBI #Deposit #AzadiKaAmritMahotsav pic.twitter.com/mRjpW6mCvS

— State Bank of India (@TheOfficialSBI) February 15, 2023

SBI Amrit Kalash Fixed Deposit scheme: Tenor 

People who want to invest in this FD scheme will have to keep their money for 400 days to avail the benefit of the scheme. 

SBI Amrit Kalash Fixed Deposit scheme : Last date of application

Investors can apply for the scheme between February 15 to March 31 2023. The last date for application is March 31. 

SBI Amrit Kalash Fixed Deposit scheme: Interest Rate 

For people above the age of 60 years, the bank will offer 7.6 per cent return. Those below 60 years will get 7.1 per cent return. SBI staff and pensioners will get an additional 1 per cent return.

SBI Amrit Kalash Fixed Deposit scheme: How to apply

Investors can avail the benefit of this scheme by visiting the bank branch or can also invest in the scheme through SBI Yono.

SBI Amrit Kalash Scheme Calculator 

If a senior citizen invests Rs 1 lakh in the scheme for 400 days, he/she will get Rs 8,600 interest on maturity. If a common citizen invests Rs 1 lakh in the scheme, he/she will get Rs 8,017 interest on maturity. 

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