The State Bank of India (SBI) has introduced a new retail term deposit scheme called 'Amrit Kalash' that offers an attractive interest rate for a specific tenor. Here are the key features and benefits of the scheme:

Scheme Details:

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Deposit Period: 400 Days

Eligible Deposits:

  • Domestic Retail Term Deposits, including NRI Rupee Term Deposits (less than Rs 2 crore)
  • Both new and renewal deposits
  • Available as Term Deposit and Special Term Deposit only

Interest Rate: 7.10%
Senior citizens, staff, and staff pensioners are eligible for additional interest rates as applicable to them.

Payment of Interest:

  • Term Deposits: At monthly, quarterly, or half-yearly intervals
  • Special Term Deposits: On maturity
    Interest, net of TDS, will be credited to the customer’s account.

TDS: Deducted at applicable rates as per the Income-tax Act

Premature Withdrawal: Applicable as per the rules for retail term deposits

Loan Facility: Available

Application Channels: Customers can apply through branch, Internet Banking (INB), and YONO channels.

Additional Information: No separate product codes are required for the Amrit Kalash Deposit scheme.

The Amrit Kalash scheme presents an attractive opportunity for both domestic and NRI depositors looking to invest their funds for a period of 400 days with a competitive interest rate. With various interest payment options and additional rates for senior citizens and bank staff, this scheme aims to cater to a wide range of depositors.

Return Values:

For those considering investment in the Amrit Kalash scheme, here are the potential returns on different investment amounts:

Investment of Rs 5 lakh:

Maturity Amount: Rs 539033.80

Investment of Rs 10 lakh:

Maturity Amount: Rs 1078067.60

Investment of Rs 15 lakh:

Maturity Amount: Rs 1617101.41

This scheme is a good opportunity for depositors seeking higher returns on their investments with the reliability and trust of SBI.