Unique Offering for Investors
State Bank of India (SBI), the country’s largest public sector lender, has introduced a special Fixed Deposit (FD) scheme, known as ‘SBI Amrit Kalash.’ The scheme is aimed to offer attractive interest rates to its customers for a 400-day deposit period. While the general customers will earn 7.10% interest, senior citizens will receive an even higher rate of 7.60%.
Deadline Extended Due to High Demand
Initially launched on April 12, 2023, the bank set the scheme’s deadline for June 30, 2023. However, due to overwhelming response and popularity among customers, the deadline was first extended to August 15, 2023. Now, the bank has once again decided to extend the deadline to December 31, 2023, to give more customers an opportunity to benefit from it.
Eligibility and Document Requirements
To open an FD account under the ‘SBI Amrit Kalash scheme, individuals must be at least 19 years old. For offline applications, essential documents such as an Aadhaar Card, ID proof, age proof, income proof, registered mobile number, and passport-sized photographs are required.
Comparison with Regular FD Rates
In contrast, SBI’s regular FD scheme offers varying interest rates depending on the duration of the deposit. For instance, a 7 to 45-day FD earns 3%, a 46 to 79-day FD gets 4.50%, and so on. The ‘SBI Amrit Kalash scheme provides significantly better interest rates, especially for senior citizens, making it a more lucrative option.
| Feature | SBI Amrit Kalash | Regular SBI FD Rates |
|---|---|---|
| Tenure | 400 days | 7 days to 10 years |
| Interest Rate (Gen) | 7.10% | 3% to 6.80% |
| Interest Rate (Sr.) | 7.60% | 3% to 6.80% |
| Deadline for Scheme | December 31, 2023 | N/A |
| Max Deposit | ₹2 Crores | Varies |
| Eligibility | 19 years & above | No age limit |
| Required Documents | Aadhaar, ID, Age proof, etc. | Aadhaar, ID, Age proof, etc. |
The ‘SBI Amrit Kalash scheme presents an excellent opportunity for both general and senior citizen customers, especially when compared to the bank’s regular FD rates.
