Everyone saves some amount from their income and plans to invest it in a place where their money is safe along with getting a good return. Especially senior citizens invest with this in mind and for this purpose, Fixed Deposit or FD has emerged as a better option.
When the Reserve Bank of India had increased the burden on the people by continuously increasing the repo rate due to inflation being at its peak, then many banks of the country had given relief to the customers by increasing the interest rate on their FDs. The 400-day special FD scheme of the country’s largest public sector bank SBI is quite popular in this case, whose deadline is near.
How much interest are you getting?
Amrit Kalash FD Scheme of the country’s largest bank SBI is a special FD scheme of 400 days. In which a strong interest rate of 7.10 percent is offered to the general customers. While senior citizens get even more benefits in this, because the interest rate for them has been fixed 0.50 percent higher i.e. 7.60 percent. This scheme became popular since its launch by SBI and the number of people investing in it has continuously increased.
The deadline has been extended several times
The popularity of this 400 days FD scheme can be gauged from the fact that the bank has had to extend its deadline several times. It is worth noting that it was first introduced by SBI on 12 April 2023 and its deadline was fixed as 23 June 2023. After this it was extended to 31 December 2023 and then it was extended till 31 March 2024. Before the expiry of this deadline, SBI had extended the last date of this special FD scheme to 30 September 2024. That is, now only 22 days are left to take advantage of this scheme.
Calculation of interest income?
If a general investor invests Rs 1 lakh under this scheme, he will earn Rs 7,100 annually as interest. On the other hand, senior citizens will get Rs 7,600 annually as interest. This scheme will mature in 400 days. That means you will have to invest for 400 days under this scheme. You can invest up to Rs 2 crore in Amrit Kalash Special FD. Now suppose an investor invests Rs 10 lakh, then he will earn Rs 71,000 annually from interest, that is, an income of Rs 5,916 every month. Senior citizens can also get Rs 6,333 every month.
When can you take the interest amount
Investors in Amrit Kalash scheme can get interest on monthly, quarterly and half-yearly basis. Maturity interest on this special FD deposit will be deposited in the customer’s account after deducting TDS. TDS will be levied at the applicable rate under the Income Tax Act. To invest in this scheme, you can use SBI’s Yono banking app. Apart from this, you can also invest in this scheme by visiting the branch.
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