SBI 400 Days FD Scheme: The deadline of this 400-day special FD scheme of State Bank of India has been extended several times and one can still benefit by investing in it till 30 September 2024.
Everyone saves some amount from their earnings and plans to invest it in a place where their money is safe along with strong returns. Especially senior citizens invest with this in mind and accordingly, fixed deposit i.e. FD has emerged as a better option to invest.
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 in 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, named Amrit Kalash Scheme (SBI Amrit Kalash FD Scheme), whose deadline is near.
How much interest is being received?
The 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. Whereas senior citizens benefit even more 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 investors in it has increased continuously.
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The deadline has been extended many times
The popularity of this 400-day FD scheme can be gauged from the fact that the bank has had to extend its deadline many times. It is worth noting that it was first introduced by SBI on April 12, 2023 and its deadline was fixed as June 23, 2023. After this, it was extended to 31 December 2023 and then it was extended till 31 March 2024. Before this deadline ended, 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 income from interest?
If general investors invest Rs 1 lakh under this scheme, then they will earn Rs 7,100 annually as interest. At the same time, senior citizens will get Rs 7,600 annually as interest. This scheme will mature in 400 days. That is, you have to invest for 400 days under this scheme. You can invest up to two crore rupees in Amrit Kalash Special FD. Now suppose an investor invests Rs 10 lakh, then annually he will earn Rs 71,000 from interest, that is, an income of Rs 5,916 every month. Senior citizens can get an additional Rs 6,333 per month.
When can you get the interest amount
Investors in the Amrit Kalash scheme can get interest on a monthly, quarterly and half-yearly basis. The maturity interest on this special FD deposit will be credited to 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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