SBI launches Amrit Kalash Deposit; Senior citizens can earn up to 7.6% FD interest rate

State Bank of India (SBI) has launched a new retail term deposit scheme with a specific duration and benefits like a higher interest rate called the Amrit Kalash Deposit. This new deposit scheme is valid from February 15, 2023, to March 31, 2023.

SBI Amrit Kalash Deposit interest rate
Interest rate offered on this tenure is 7.10% for regular citizens, 7.60% for senior citizens. The period of the deposit is 400 days.
According to an SBI tweet, “Introducing “Amrit Kalash Deposit” for domestic and NRI customers with attractive interest rates, 400 days tenure and much more. *T&C Apply.”

https://twitter.com/TheOfficialSBI/status/1625754643690315777

Eligible deposits
Domestic Retail Term Deposits including NRI Rupee Term Deposits (< Rs 2 crore)
New and Renewal Deposits
Term Deposit and Special Term Deposit only.

Payment of Interest

• Term Deposits – At monthly/ quarterly/half yearly intervals Special Term Deposits- On maturity
• Interest, net of TDS, shall be credited to Customer’s Account

Note that TDS will be applicable rate as per Income-tax Act.

Premature and loan facility will also be available on the new Amrit Kalash Deposit

SBI hikes FD interest rates
The State Bank of India (SBI) has increased interest rates on some fixed deposits (FDs) by up to 25 basis points after a two-month period (bps). The increase in FD interest rates, according to the SBI website, ranges from 5 to 25 basis points.

After the hike, the bank will now offer interest rates between 3% to 7% for regular citizens and 3.5% to 7.5% for senior citizens.

SBI FD interest rates

Tenors	Existing Rates for Public w.e.f. 13.12.2022	Revised Rates For Public w.e.f. 15.02.2023	Existing Rates for Senior Citizens w.e.f. 13.12.2022	Revised Rates for Senior Citizens w.e.f. 15.02.2023
7 days to 45 days	3	3	3.5	3.5
46 days to 179 days	4.5	4.5	5	5
180 days to 210 days	5.25	5.25	5.75	5.75
211 days to less than 1 year	5.75	5.75	6.25	6.25
1 year to less than 2 year	6.75	6.8	7.25	7.3
2 years to less than 3 years	6.75	7	7.25	7.5
3 years to less than 5 years	6.25	6.5	6.75	7
5 years and up to 10 years	6.25	6.5	7.25	7.5