SBI Extends Amrit Kalash FD Scheme: Earn Up to 7.60% Interest Until March 2025 – Perfect for Senior Citizens!
State Bank of India (SBI) has extended the last date to invest in its special fixed deposit (FD) scheme, Amrit Kalash, until March 31, 2025. Previously, the scheme was set to close on September 30, 2024. Under this scheme, senior citizens can earn an annual interest rate of 7.60%, while other individuals can enjoy an interest rate of 7.10% on their deposits.
Key Features of the Amrit Kalash Scheme
The Amrit Kalash scheme is a special retail term deposit that requires an investment for a period of 400 days. For those looking to earn higher interest rates on their FD, this scheme offers an attractive option. Senior citizens benefit from a higher interest rate of 7.60%, while general citizens can earn 7.10%. Deposits of up to ₹2 crore are allowed under this scheme.
Interest payments can be received on a monthly, quarterly, or semi-annual basis, depending on the investor's preference, offering flexibility in how returns are collected.
How to Invest in the Amrit Kalash Scheme
Investing in the Amrit Kalash scheme can be done through both online and offline channels. Investors can visit their nearest SBI branch or opt for NetBanking and the SBI YONO app for a hassle-free experience. The scheme also offers the option to avail loans against the FD, similar to regular fixed deposits.
SBI's Current FD Interest Rates:
Duration Interest Rate (General Citizens) Interest Rate (Senior Citizens)
7 to 45 days 3.50% 4.00%
46 to 179 days 5.50% 6.00%
180 to 210 days 6.25% 6.75%
211 days to less than 1 year 6.50% 7.00%
1 year to less than 2 years 6.80% 7.30%
2 years to less than 3 years 7.00% 7.50%
3 years to less than 5 years 6.75% 7.25%
5 years to 10 years 6.50% 7.50%
SBI Amrit Vrishti Scheme
In addition to Amrit Kalash, SBI also offers the Amrit Vrishti scheme. This FD scheme provides an annual interest rate of 7.25% for a tenure of 444 days, while senior citizens earn 7.75%. Investors can take advantage of this scheme until March 31, 2025.
SBI VCare Scheme
SBI also runs another special term deposit scheme called VCare, exclusively for senior citizens. Under this scheme, senior citizens receive an additional 50 basis points (0.50%) on deposits of 5 years or more. Compared to general citizens, senior citizens benefit from 1% extra interest on FDs with a tenure of 5 years or more. As of now, senior citizens can earn 7.50% interest on long-term FDs under this scheme.
These FD schemes, including Amrit Kalash, Amrit Vrishti, and VCare, provide attractive options for those seeking to maximize returns on their fixed deposits, especially for senior citizens looking to benefit from higher interest rates.
