400 Day’s SBI FD Scheme: The deadline of State Bank of India’s special FD scheme (SBI Amrit Kalash) has been extended once again and now investments can be made in it till March 2025.
Fixed deposit schemes have become quite popular in terms of safe investment and great returns. Senior citizens especially invest with the thought that their investment should be completely safe and the interest income on it should also be high. Accordingly, to invest, they mostly turn to FD schemes. The 400-day special FD scheme of the country’s largest public sector bank SBI is quite popular, named Amrit Kalash Scheme (SBI Amrit Kalash FD Scheme), even before its deadline ended, the bank has now extended it till March 31, 2025.
Senior citizens benefit even more
During the Corona period, when the Reserve Bank of India 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 gave relief to the customers by increasing the interest rate on their FDs. Talking about SBI’s Amrit Kalash FD Scheme, this is a special FD scheme of 400 days (400 Days FD Scheme). 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.
When was the deadline extended?
This scheme became popular since its launch by SBI and the number of investors in it has increased continuously. The popularity of this 400-day FD scheme can be gauged from the fact that the bank has had to extend its deadline several times. It was first introduced on April 12, 2023 and its deadline was fixed as June 23, 2023. After this, it was extended to December 31, 2023 and then it was extended till March 31, 2024. Before this deadline expired, SBI extended the last date of this special FD scheme to September 30, 2024 and now the benefit of this scheme can be availed till March 31 next year.
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Calculation of income from interest?
If general investors invest Rs 1 lakh under this scheme, 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 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 get an additional Rs 6,333 every month.
When can you take the interest amount
Investors in Amrit Kalash scheme can take 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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