SBI discontinued Amrit Kalash fixed deposit (FD) scheme
The scheme was offered with a notable interest rate of 7.10% per annum for regular investors and a higher rate of 7.60% for senior citizens on a 400-day deposit.
The largest Indian Lender, State Bank of India (SBI) has discontinued its Amrit Kalash fixed deposit (FD) scheme, which was earlier available for a limited period. The scheme was offered with a notable interest rate of 7.10% per annum for regular investors and a higher rate of 7.60% for senior citizens on a 400-day deposit.
According to the SBI website, "The specific tenor scheme of "400 days" (Amrit Kalash) at Rate of Interest of 7.10 % w.e.f. 12- April- 2023. Senior Citizens are eligible for rate of interest of 7.60%. Since withdrawn w.e.f 01st April 2025."
The respective halt came amid financial institutions reassessing their rate offerings ahead of the Reserve Bank of India's (RBI) forthcoming Monetary Policy Committee (MPC) meeting.
Similarly, other banks including HDFC Bank, Yes Bank, and Punjab & Sind Bank, have also reduced their FD interest rates, pondering against regulatory announcements.
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Meanwhile, the public sector bank will continue to offer its Amrit Vrishti special FD scheme.
The scheme was launched on July 15, 2024 with a 444-day term deposit that currently provides a competitive interest rate of 7.25% per annum for regular investors.
The scheme offers a higher rate of 7.75% to senior citizens and with super senior citizens, around the age of 80 and above, receives an even more favourable rate of 7.85% per annum.
The rates have been effective from January 3, 2025, and show the lender’s strategy to retain senior citizen investors by offering attractive returns in a competitive market landscape.
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