Discover the SBI Amrit Kalash Scheme
The State Bank of India (SBI), the largest public sector bank in the country, has introduced a lucrative savings scheme known as the Amrit Kalash Scheme. This fixed deposit (FD) scheme is designed for a limited period of 400 days, and it is crucial for prospective investors to act quickly, as there are only seven days left to take advantage of this opportunity. The deadline to invest in this special FD scheme is September 30, 2024. Launched in April 2023, the Amrit Kalash Scheme has gained popularity, leading to multiple extensions to accommodate customer interest.
Key Features of the Amrit Kalash FD Scheme
| Feature | Description |
|---|---|
| Investment Period | 400 days |
| Interest Rates | General customers: 7.10%, Senior citizens: 7.60% (30 basis points higher than standard FD rates) |
| Eligible Investors | Domestic and non-resident Indians (NRIs), covering fresh deposits and renewals for amounts less than ₹2 crore |
| Interest Payment Options | Monthly, quarterly, half-yearly, or on maturity |
| Tax and Benefits | TDS deducted as per Income Tax Act; Form 15G/15H for TDS exemption; loan facility and premature withdrawal available |
| How to Invest | Online booking via SBI branch, internet banking, or SBI YONO app |
Who Can Invest?
The Amrit Kalash Scheme is accessible to both domestic and non-resident Indians (NRIs). It caters to new deposits as well as renewals of existing FDs, making it an attractive option for a wide range of investors. The scheme applies to term deposits valued at less than ₹2 crore, ensuring a broad audience can benefit from its offerings.
Interest Payment Modes
One of the appealing features of the Amrit Kalash Scheme is the flexibility it provides concerning interest payments. Investors can choose to receive interest monthly, quarterly, biannually, or upon maturity. For those who opt for maturity-based payments, the interest will be credited to the customer’s account after deducting TDS, ensuring a straightforward process for receiving returns.
Tax Advantages and Additional Benefits
Investors should be aware that TDS will be deducted in accordance with the Income Tax Act. However, individuals seeking to avoid TDS deductions can submit Form 15G or 15H to avail themselves of exemptions. Furthermore, the scheme offers a loan facility and the option for premature withdrawal, providing additional financial flexibility for investors.
How to Invest Online
Investing in the SBI Amrit Kalash Scheme can be conveniently done online. Prospective investors can book their fixed deposits through an SBI branch, their internet banking portal, or the SBI YONO app. With the deadline approaching, now is the perfect time to secure your investment prior to the closing date of September 30, 2024.
