State Bank of India (SBI) has recently launched the SBI Amrit Kalash Scheme, a limited-period fixed deposit (FD) scheme that offers attractive returns for its customers. The scheme provides an interest rate of 7.10 percent for ordinary citizens, while senior citizens can avail of an additional 0.50 percent interest, taking their return to 7.60 percent. Furthermore, employees and pensioners of the bank are eligible for an additional 1 percent interest rate.
The tenure of the SBI Amrit Kalash Scheme is 400 days, during which time investors can deposit their money between February 15, 2023, and March 31, 2023. Customers can open an SBI Amrit Kalash account by visiting the branch of the bank or investing in the scheme through SBI Yono.
This scheme is particularly beneficial for those who are looking to invest their money for a period of 1 to 2 years. Senior citizens can benefit from the higher interest rates offered by the scheme, as they will receive a return of Rs 8,600 for an investment of Rs 1 lakh. For general customers, the return for the same amount invested is Rs 8,017.
SBI has also increased the interest rates of its FD and recurring deposit (RD) schemes. The bank is now offering interest rates ranging from 3.00 percent to 6.50 percent for FDs with tenures ranging from 7 days to 10 years for general citizens, and 3.50 percent to 7.25 percent for senior citizens. In the case of RD schemes, interest rates ranging from 6.80 percent to 6.5 percent are being offered for periods ranging from 12 months to 10 years.
This move by SBI comes at a time when several other banks have also increased their FD rates, with many small finance banks offering interest rates of up to 9.00 percent on their FD schemes. Therefore, the increase in interest rates by SBI is a welcome move for its customers.
Read more: Which bank offers most affordable home loan? Check latest rates from SBI, HDFC, PNB and Bank of Baroda
