Fixed Deposit Interest Rate: Are you thinking of investing? You can invest in this scheme of State Bank to get guaranteed returns. Currently, the scheme offers an interest rate of up to 7.6 percent.
SBI Amrit Kalash: State Bank of India extends Amrit Kalash scheme for retail customers. According to the State Bank’s website, customers below 60 will get an interest rate of 7.1 percent on this 400-day term deposit. 7.6 percent interest for seniors. Earlier on April 12, the concerned bank had fixed the interest rate of 7.1 and 7.6 percent for under 60 and over 60 in the scheme.
Amrit Kalash scheme has been extended till August 15, 2023, bank authorities said. The scheme was extended till June 30 in April 2023 as well. You can book this scheme through internet banking and SBI YONO app.
Who can make this investment?
- Retail Term Deposit with NRI Term Deposit Rs.
- New and deposit can be renewed.
- Applicable on Special Term Deposits only.
Interest Payment
Interest is paid after the maturity of this special deposit. This interest will be credited to customer’s account after deducting TDS.
Withdrawal before expiry
According to the State Bank of India website, “The rate of interest on deposits with the bank may be reduced by 0.50 per cent to 1 per cent. The lower of the contracted rates will be accepted by the bank authorities.”
TDS
As per income tax rules, TDS is levied on fixed deposits like every bank. The depositor can use Form 15G/15H to get tax exemption under IT rules.
Interest Rates on Fixed Deposits
State Bank of India offers 3 to 7 percent interest rates for general citizens. You can avail this interest rate if you invest below Rs 2 Crores. Interest rates range from 3.5 to 7.5 percent for senior citizens. Under 60 and seniors will get this rate for a period of less than two to three years.
