SBI Scheme: This scheme offers an interest rate of 7.10 percent for general citizens, while senior citizens can avail an additional 0.50 percent interest.
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SBI Amrit Kalash Yojana : State Bank of India (SBI) has recently launched SBI Amrit Kalash scheme, which is a limited period fixed deposit (FD) is a scheme that offers attractive returns to the customers. The scheme offers an interest rate of 7.10 per cent for general citizens, while senior citizens can avail an additional 0.50 per cent interest rate, taking their returns to 7.60 per cent. In addition, employees and pensioners of the bank are eligible for an additional 1 per cent interest rate.
According to the report of Money9, the duration of SBI Amrit Kalash scheme is 400 days, during which investors can deposit their money between February 15, 2023 and March 31, 2023. Customers can open SBI Amrit Kalash account for investing in the scheme by visiting the bank branch or through SBI YONO.
The scheme is beneficial for these people
This scheme is especially beneficial for those who want to invest their money for a period of 1 to 2 years. Senior citizens can benefit from the higher interest rates offered by the scheme, as they will get a return of Rs 8,600 on an investment of Rs 1 lakh. The return on the same amount invested for normal customers is Rs.8,017.
RD interest rates hiked
SBI has also increased the interest rates of its FD and Recurring Deposit (RD) schemes. The bank is now offering interest rates ranging from 3.00 per cent to 6.50 per cent for FDs ranging from 7 days to 10 years for general citizens and 3.50 per cent to 7.25 per cent for senior citizens.
Know when how much interest will be received?
Whereas in case of RD schemes, interest rate ranging from 6.80 percent to 6.5 percent is being offered for a period ranging from 12 months to 10 years. SBI’s move comes at a time when many other banks have also increased their FD rates, with many small finance banks offering interest rates of up to 9.00 per cent on their FD schemes. Hence, the increase in interest rates by SBI is a welcome move for its customers.