SBI special FD with 7.1% interest rate: SBI reintroduces Amrit Kalash special deposit scheme

State Bank of India has decided to reintroduce a retail term deposit dubbed as ‘AMRIT KALASH’. It is a special scheme of 400 days tenor.

Earlier, the bank had launched this retail term deposit scheme with a specific duration and it was valid from February 15, 2023, to March 31, 2023.

According to the SBI website, “The specific tenor scheme of “400 days” (Amrit Kalash) at Rate of Interest of 7.10 % w.e.f. 12- April- 2023. Senior Citizens are eligible for rate of interest of 7.60%. The Scheme will be valid till 30-June-2023. "


Also read: SBI Sarvottam Term Deposits: Earn up to 7.9% FD interest rate

SBI Amrit Kalash Deposit interest rate

The interest rate on this term is 7.10% for regular people and 7.60% for elderly citizens. The deposit is valid for 400 days.

SBI Amrit Kalash
The reintroduced scheme is valid from April 12, 2023 to June 30, 2023.

Which deposits are eligible for Amrit Kalash

Domestic retail term deposits including NRI Rupee Term Deposits below Rs 2 crore. Applicable for new deposits, renewal deposits, term Deposit and Special term deposit only.

How is interest paid
Interest is paid on term deposits at monthly, quarterly, and semi-annual intervals. The maturity interest on special term deposits, net of TDS, will be added to the customer's account.

It should be noted that TDS will be levied at the applicable rate under the Income-tax Act. The new Amrit Kalash Deposit will also include a premature and loan facility.

SBI FD interest rates
State Bank of India offers interest rate between 3% to 7% to regular citizens for tenure ranging between 7 days to 10 years. For senior citizens, the interest rate offered is between 3.5% to 7.50% including an additional premium of 50 bps under ”SBI We-care” deposit scheme.

SBI Sarvottam (Non-Callable) domestic retail term deposits
SBI 'Sarvottam' (Non-Callable) term deposits is a special scheme for deposits over Rs 15 lakh for resident people and non-resident individuals. According to the SBI website, this deposit plan offers a higher rate of interest with no provision for early withdrawal. This plan provides investors with 1 year and 2 year FDs with interest rates that are 30 basis points and 40 basis points higher than the card rate, respectively.

INTEREST RATE ON SARVOTTAM (NON-CALLABLE) DOMESTIC RETAIL TERM DEPOSITS (above Rs 15 lakhs to less than Rs 2 crores) W.E.F. 17-02-2023
	General Public		Senior Citizen
Tenors	Rates w.e.f. 17/02/2023	Annualised Yield#	Rates w.e.f. 17/02/2023	Annualised Yield#
1 Yr	7.1	7.29	7.6	7.82
2 Yr	7.4	7.61	7.9	8.14

Interest rates on 'Sarvottam (Non-Callable) Domestic Bulk Term Deposits (Rs 2 crores to less than Rs 5 crores), will be as per following table.

INTEREST RATE ON SARVOTTAM (NON-CALLABLE) DOMESTIC BULK TERM DEPOSITS (Rs 2 Crores to <Rs 5 Crores) W.E.F. 17-02-2023
	General Public		Senior Citizen
Tenors	Rates w.e.f. 17/02/2023	Annualised Yield#	Rates w.e.f. 17/02/2023	Annualised Yield#
1 Yr	7.05	7.24	7.55	7.77
2 Yr	6.9	7.08	7.4	7.61