When it comes to safe investment and good returns, the Fixed Deposit Scheme (FD scheme) is very popular in this case. Especially senior citizens are very careful while investing so that they can ensure that their investment remains completely safe and interest income is also high. The 400 -day special FD scheme of the country’s largest government bank SBI has become very popular in this case, its name is Amrit Kalash Scheme, its deadline is going to end and people have the last chance to invest in it.
More profit for senior citizens
When inflation was at its peak during the Korona period, the Reserve Bank of India continuously increased the repo rate to control it. At such a time, many banks of the country have raised interest rates on FDs to benefit their customers. Talking about SBI’s Amrit Kalash FD scheme, it is a special 400 -day FD scheme. In which common customers are offered a strong interest rate of 7.10 percent. While senior citizens get more profit, because the interest rate for them is 0.50 percent higher i.e. 7.60 percent.
The deadline was extended several times
The scheme has become popular since being launched by SBI and the number of investors in it is continuously increasing. The popularity of this 400 -day FD scheme can be gauged from the fact that the bank has had to extend its duration many times. It was first introduced on 12 April 2023 and its concluding date was fixed on 23 June 2023. After this it was extended to 31 December 2023 and then to 31 March 2024. Before the end of this time limit, SBI had extended the last date of this special FD scheme to 30 September, 2024 and was once again extended to 31 March 2025.
Calculation of interest income?
If a general investor invests Rs 1 lakh under this scheme, then he will get interest of Rs 7,100 annually. At the same time, senior citizens will get Rs 7,600 annually as interest. The plan will mature in 400 days. This means that you have to invest for 400 days under this scheme. You can invest up to Rs 2 crore in Amrit Kalash Special FD. Now suppose if an investor invests Rs 10 lakh, then he will get Rs 71,000 annually from interest, that is, there will be an income of Rs 5,916 every month. Senior citizens will get an additional Rs 6,333 per month.
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When can you withdraw interest amount?
Initiaters in Amrit Kalash Yojana 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 imposed at the implemented rate under the Income Tax Act. You can use SBI’s Yono Banking App to invest in this scheme. Apart from this, you can also invest in this scheme by going to the branch.
