[Apply Now] SBI Amrit Kalash FD Scheme 2024: Check Special SBI FD Benefits, Features, Application Process & Many More

SBI Amrit Kalash FD Scheme 2024 : The SBI Amrit Kalash FD Scheme, a special FD scheme offered by the State Bank of India (SBI), which offers up to 7.60 percent interest rates, will soon come to an end. According to the SBI bank notification, there are only few days left for this SBI special FD scheme to end.

SBI had extended the deadline for the Amrit Kalash Deposit Scheme application from March 31, 2024 to 30 September 2024.

SBI Amrit Kalash FD Scheme 2024 : Highlights

SchemeSBI Amrit Kalash FD Scheme 2024
Last Date30 September, 2024
Interest RateSenior Citizen – 7.60%
General Public – 7.10%
TDS DeductionAs applicable per Income Tax Act
AvailabilityAny branch Net Banking & SBI YONO app

Features of the SBI Amrit Kalash FD Scheme 2024

This innovative plan comes with a host of features that set it apart :-

  • Flexible tenure options to fit individual preferences.
  • Option for monthly or quarterly interest payment.
  • Tax benefits under section 80C of the Income Tax Act.
  • Loan facility against the FD quantity.
  • Nomination facility to ensure smooth transfer of benefits

Eligibility Criteria for SBI Amrit Kalash FD Scheme 2024

The eligibility criteria for investing in Domestic Retail Term Deposits, including NRI Rupee Term Deposits, are as follows :-

  1. Individuals who are eligible for both new and renewal deposits.
  2. Individuals who are eligible for Term Deposit and Special Term Deposit only.

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Benefits of SBI Amrit Kalash Scheme 2024

The SBI Amrit Kalash scheme offers a range of benefits to both domestic and NRI customers.

  • One of the key advantages is the flexibility in choosing the frequency of interest payouts, which can be monthly, quarterly, or half-yearly.
  • Additionally, the interest deducted from TDS is directly credited to the customer’s account, ensuring a hassle-free experience. This scheme applies to domestic retail term deposits of less than Rs 2 crore, including Non-Resident Indian Rupee Term Deposits.
  • It covers both new deposits and renewals, providing customers with the opportunity to continue benefiting from the scheme.
  • Furthermore, the Amrit Kalash scheme extends to term deposits and special term deposits, offering a comprehensive range of options for customers to maximize their returns.

SBI FD Scheme Taxation

  • The deduction of TDS on this scheme will be carried out by the provisions of the Income Tax Act.
  • The scheme offers the option of availing a loan facility.
  • Additionally, there is a provision for premature withdrawal. If you wish to seek exemption from tax deduction as per the Income Tax (IT) Rules, you may utilize Form 15G/15H.

SBI Amrit Kalash FD Scheme Interest Rate 2024

SBI Amrit Kalash is providing an interest rate of 7.1 % for its loyal customers, while senior citizens can enjoy a higher interest rate of 7.6 %.

TenureGeneral CitizenSenior Citizen
400 Days (Amrit Kalash)7.10%7.60%
7 days to 45 days3.00%3.50%
46 days to 179 days4.5%5.00%
180 days to 210 days5.25%5.75%
211 days to 1 Year5.75%6.25%
1 Year to less than 2 Years6.80%7.30%
2 Years to less than 3 Years7.00%7.50%
3 Years to less than 5 Years6.50%7.00%
5 Years to 10 Years6.50%7.50%

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How to apply for SBI Amrit Kalash FD Scheme 2024 ?

  • To enroll in the SBI Amrit Kalash Deposit Scheme, interested individuals can choose from multiple subscription methods.
  • They can opt to visit a branch, utilize Internet banking services, or make use of the SBI YONO app.
  • Subscription Process for the Scheme Perspective investors have various avenues to subscribe to the SBI Amrit Kalash FD scheme.
  • The extension of the application deadline for the Amrit Kalash Deposit Scheme by SBI underscores the bank’s commitment to making profitable investment opportunities accessible to a wider range of individuals, promoting financial inclusivity and empowerment.

SBI Amrit Kalash Scheme 2024 Interest Payment

Interest Payment Procedure for SBI Amrit Kalash Deposit Scheme Partners have the flexibility to select their preferred deposit term under this scheme, choosing from monthly, quarterly, and semi-annual options. Accumulated interest, net of TDS, will be directly credited to the customer’s account. Tax Deducted at Source (TDS) and other applicable taxes will be deductible as per the Income Tax Act. The scheme also offers an avenue for investors to avail loans, and premature withdrawal is also facilitated by the bank.

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Conclusion :-

The SBI Amrit Kalash FD Scheme, emerges as a steadfast companion. With its unique blend of security, attractive returns, and tax advantages, this scheme opens the doors to a brighter financial future. Make a sensible choice today and embark on a journey of financial prosperity.

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FAQ’s : SBI Amrit Kalash FD Scheme 2024

What is the minimum deposit requirement for SBI Amrit Kalash FD Scheme 2024 ?

The minimum deposit requirement for the Amrit Kalash FD Plan is INR 10,000

Is the FD can be withdrawal prematurely ?

Yes, premature withdrawal is permitted, but it may include a penalty.

Is the interest rate fixed throughout the duration ?

Yes, the interest rate remains fixed for the selected tenure. The interest rate for senior citizens is 7.60 % and 7.10 % for general public.

Are senior citizens eligible for extra benefits ?

Yes, senior citizens receive an extra interest rate of 50 bps to boost and enhance their returns.

What is the last date to apply for SBI Amrit Kalash FD Scheme 2024 ?

The deadline to apply for this special SBI FD scheme is 30 September, 2024.