SBI’s Independence Day gift for bank account holders!
Extends the deadline of its special fixed deposit scheme the “ Amrit Kalash” scheme under which account holders can open deposit for 400 days and get 7.10% interest rate.
State Bank of India has again extended the deadline of its special fixed deposit scheme the “ Amrit Kalash” scheme. The public sector bank will continue to pay 7.10% interest rate to depositors under this special fixed deposit scheme. The tenure of fixed deposits unnder the “ Amrit Kalash” scheme is 400 days. Senior citizens get 7.60% interest rate under this special fixed deposit scheme. Earlier, the last day for opening fixed deposit under the “Amrit Kalash” scheme was June 30, 2023. But the public lender has extended the deadline till August 15, 2023. It is Independence Day gift from the bank to its depositors.
Extending the “Amrit Kalash” scheme and high interest rates on other FDs will help SBI in increasing its Casa ratio.
Lets see currently how much interest rate depositors get in SBI fixed deposits:
| Tenor | General Public (RoI in %) | Senior Citizens (RoI in %) |
| 7 days to 45 days | 3.00 | 3.50 |
| 46 days to 179 days | 4.50 | 5.00 |
| 180 days to 210 days | 5.25 | 5.75 |
| 211 days to less than 1 year | 5.75 | 6.25 |
| 1 year to less than 2 years | 6.80 | 7.30 |
| 2 years to less than 3 years | 7.00 | 7.50 |
| 3 years to less than 5 years | 6.50 | 7.00 |
| 5 years to less than 10 years | 6.50 | 7.50 |
| 400 days (Special Scheme i.e. “Amrit Kalash) | 7.10 | 7.60 |
Source: SBI
On FDs of other tenures, depositors can get as high as 7% for opening fixed deposit of tenure 2 years to less than 3 years. The public bank will give as high as 6.80% interest on FDs of 1 year. On tax saver 5 year FDs, account holders will get 6.50% interest rate. Senior citizens will get an additional rate of 0.50% on all these FDs barring the tax saver FD.
On opening tax saver fixed deposit of five years to less than 10 years, senior citizens will get an additional interest rate of 1%. i.e. on this particular FD, the elderly will get total of 7.50% interest rate. Senior citizens get an additional of 1% only on this FD. Rest, on all other FDs, elderly get 0.50% additional rate. This is because SBI has been giving 1% additional rate to senior citizens under a special fixed deposit scheme launched exclusively for the elderly. It is “SBI We-care” deposit scheme. Tenure of FDs under this special scheme is 5 years to less than 10 years. But this scheme is only available for a limited time period.