SBI Amrit Kalash: There is good news for State Bank of India (SBI) FD depositors as the bank has extended the deadline of its popular Amrit Kalash Special Deposit Scheme. The plan ended at the end of September. Now extended by another 6 months, it will be available till March 31, 2025. Let’s know the benefits of this scheme.
The maturity period of this scheme is 400 days. It earns higher interest compared to regular fixed deposits. This means that 7.10 percent interest is paid to general customers while 7.60 percent interest is paid to senior citizens by 50 basis points. The maximum FD in this scheme can be up to 3 crores.
By extending the tenure, the deposits under this scheme can be renewed. New deposits can also be made. So.. let’s see how much interest is earned on how much money.
In this scheme, an FD worth Rs 1 lakh will earn an interest of Rs 7,100 at an annual interest rate of 7.10 percent. If the same is a senior citizen, then the interest rate is 7.60 percent, so Rs 7,600 per annum. If a typical customer deposits an FD of Rs 10 lakh, he will earn an annual interest of Rs 71,000 at the rate of Rs 5,916 per month. A senior citizen will get Rs 6,333 per month and Rs 76,000 per year as interest.
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If the time limit of 400 days is observed, the interest for general customers will be Rs.77,750. A senior citizen will get Rs 83,240. It is said that stock market-linked mutual funds have an average annual return of 12 percent. But.. there is danger in that too. You never know when the market will be. So, for those who want to earn high interest without any risk, this plan can be beneficially considered.