State Bank of India (SBI)’s 400-day FD scheme Amrit Kalash is a special investment scheme, specially designed for those who want good returns with safe investment. This scheme offers attractive interest rates for senior citizens and general investors. The deadline of this scheme is near, so only a few days are left to avail this scheme.
Amrit Kalash Scheme Interest Rates
Two types of interest rates are being offered on SBI’s 400-day Amrit Kalash FD scheme:
- The interest rate for general investors: is 7.10% per annum.
- The interest rate for senior citizens: is 7.60% per annum.
This interest rate will be applicable for 400 days, after which investors will receive their principal and interest.
Last date of the scheme
The Amrit Kalash scheme was launched on 12 April 2023, and its deadline was 23 June 2023. However, because of the increasing popularity of this scheme, its last date has been extended several times. Now 30 September 2024 is its last date, from which investors can take advantage of this scheme.
Estimation of interest income
If a common investor invests an amount of Rs 1 lakh in this scheme, he will get an interest of Rs 7,100 annually. Senior citizens will get an interest of Rs 7,600 annually on an investment of Rs 1 lakh. Up to Rs 2 crore can be invested under this scheme.
For example, if an investor invests Rs 10 lakh in this scheme, he will get Rs 5,916 monthly interest. Senior citizens will get Rs 6,333 per month on the same amount.
Interest payment facility
Under this scheme, investors can receive their interest amount in three ways:
- Monthly
- Quarterly
- Half-yearly
After deducting TDS (Tax Deducted at Source), the interest amount will be deposited in your account. For this, you can invest in this scheme by visiting SBI’s Yono banking app or any branch of the bank.
Why is this scheme special?
High interest rate: In the current era of inflation, the interest rates of 7.10% and 7.60% are considered quite attractive.
- Flexible payment option: Facility to receive interest on a monthly, quarterly, or half-yearly basis.
- Additional benefits for senior citizens: Senior citizens get the benefit of higher interest rates.
By investing under this scheme, you can keep your money safe and avoid the effects of inflation. This scheme will be closed after 30 September 2024, so if you want to invest in this scheme, then take your decision soon.
