The State Bank of India’s special scheme, Amrit Kalash Deposit, which offers higher interest rates than regular fixed deposits (FDs), will close on Friday, March 31, 2023.
Amrit Kalash was launched in February 2022 with a fixed tenor of 400 days. Other banks also offer special FDs with higher interest rates and varying durations. Most such schemes will end tomorrow. However, some banks have introduced new special FD plans for continuity.
Amrit Kalash Deposit Scheme
For general deposits, the scheme offers an interest rate of 7.10 per cent. However, senior citizens get another 50 basis points, taking the rate to 7.60 per cent. Interest is paid at maturity.
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The tax deducted at source (TDS) is applicable as per the Income-tax Act.
Amrit Kalash offers higher interest rates than SBI’s regular FD schemes.
For one to less than two-year duration, the scheme offers an interest rate of 6.80 per cent, 2-3 years, it is 7 per cent. The senior citizens get a 50 bps premium over these rates.
Standard fixed deposits give 6.50 per cent interest rates for 3 to 10 years tenures. On the two-year 'Sarvottam' general deposits, which cannot be prematurely withdrawn, SBI offers an interest rate of up to 7.40 per cent. Senior citizens get 50 bps more.
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Special Tenure FDs Maturing Tomorrow
The following other schemes are also maturing on Friday.
The HDFC Bank Senior Citizen Care FD offers 7.75 per cent interest for fixed deposits of five to 10 years for senior citizens. Alternatively, the bank introduced a new deposit scheme called HDFC diamond deposits, which offers seniors 8 per cent interest on deposits for 75 months.
Punjab & Sind Bank offers special fixed deposit schemes with a 300-day tenure, 601-day tenure and 222-day tenure. The 300-day tenure offers 7.50 per cent interest rates to the general public, 8 per cent to senior citizens, and 8.35 per cent to super senior citizens. Other schemes offer marginally lower rates.
A special retail term deposit product offered by Indian Bank called “Ind Shakti 555 Days” will gives 7 per cent interest rates to the general depositors and 7.50 per cent to senior citizens.
