A leading bank in India, State Bank of India, introduced a special FD scheme that will close in a few days. This scheme caters to both regular customers and senior citizens, offering 7.10% interest to regular customers and 7.60% to senior citizens. It’s available for a short tenure of just 400 days. Let’s delve into all the details of this scheme in this post. Let’s get started
The final date of the Amrit Kalash deposit scheme
Initially launched by the State Bank of India on February 15, 2023, with a closing date set for August 15, 2023, the FD scheme witnessed an overwhelming response from customers. In response to this positive reception, the bank has extended the scheme’s closing date. Now, the scheme is slated to conclude on December 31, 2023.
Amrit Kalash Deposit Scheme
In the Amrit Kalash Deposit Scheme, regular customers are offered an interest rate of 7.1%, while senior citizens receive an interest rate of 7.60%
The benefits of the Amrit Kalash Deposit Scheme
- The Amrit Kalash Deposit Scheme is accessible to both domestic customers and NRIs (Non-Resident Indians).
- Customers can choose interest payouts on a monthly, three-monthly, or semi-annual basis.
- Domestic customers maintaining deposits below 2 crores are eligible for this scheme.
- The scheme allows for the creation of new deposits or renewal of existing FDs.
- Loan facilities against the deposit are available under this scheme.
- Premature closure options are available, allowing access to funds before FD maturity if needed.
Tax on Amrit Kalash Deposit Scheme:
According to the Income Tax Act, if you fall under the income tax slab, you’ll need to pay TDS (Tax Deducted at Source) on this scheme. To avail exemption from tax deduction, as per the Income Tax Act, you’ll need to submit Form 15G/15H.
How can you avail the Amrit Kalash Deposit Scheme?
You can visit your nearest State Bank of India branch and fill out the required form to benefit from this scheme.
Another option is to invest in the SBI Amrit Kalash FD Scheme through internet banking services.
Documents Required for the Amrit Kalash Deposit Scheme
If you wish to create an FD by visiting the branch, bring along these documents:
- Account Opening Form for FD
- Identity proof for KYC (PAN card, Aadhar card, Voter ID)
- Address proof (PAN card)
- Bank passbook
- Bank chequebook
| SBI Amrit Kalash FD Scheme Details | Important Points |
|---|---|
| Launch Date | 15th February 2023 |
| Original End Date | 15th August 2023 |
| Revised End Date | 31st December 2023 |
| Interest Rates | Regular Customer: 7.10% |
| Senior Citizen: 7.60% | |
| Eligibility | Domestic and NRI |
| Interest Payment Options | Monthly, Quarterly, or |
| Half-yearly | |
| Special Features | Loan facility available |
| Premature closure option | |
| Tax Implications | TDS applicable if in the |
| income tax slab; | |
| 15G/15H can be submitted | |
| How to Apply | 1. Visit the nearest SBI |
| branch and fill the form | |
| 2. Use internet banking | |
| 3. YONO app for quick FD | |
| Documents Required | – FD Account Opening Form |
| – KYC (PAN, Aadhar, Voter | |
| ID) | |
| – Address proof (PAN) | |
| – Bank passbook | |
| – Bank chequebook |