If you’re looking for a steady return on your savings, investing in a Fixed Deposit (FD) can be an intelligent choice. Fixed Deposit schemes can provide good income through interest earnings.
If you’re interested in a short-term investment that yields higher profits, a SBI 400-day scheme may be a beneficial option. Let’s explore the advantages of this scheme in detail.
People typically make Fixed Deposits to secure a reliable income from the interest. To attract these investors, many banks offer competitive interest rates; some even provide a maximum interest rate of 9 percent.
You can achieve this maximum rate for Fixed Deposits with a tenure of 5 to 15 years. Certain banks also offer a 9 percent interest rate for short-term investments of 15 or 12 months. Thus, Fixed Deposit (FD) schemes can still yield steady returns.
The largest government bank in the country, the State Bank of India (SBI), currently offers a 400-day FD scheme with an interest rate of 7.60%. You can invest in this scheme until March 31, 2025, with a maximum deposit of Rs. 2 crore.
SBI’s Amrit Kalash Scheme is a particular Fixed-Deposit scheme introduced on April 12, 2023. Initially available until June 30, 2023, the investment period has since been extended several times, with the latest extension allowing investments until March 31, 2025, due to positive reception.
General customers participating in the SBI Amrit Kalash Scheme will receive an annual interest rate of 7.10%. Senior citizens benefit from a higher rate of 7.60%.
Another significant advantage of this scheme is the loan facility, which allows you to get a loan against your invested deposit.
If you’re interested in investing in this scheme, you can visit an SBI branch to gather more details and make your investment. Alternatively, you can join the scheme through internet banking or the YONO app.
The tenure for the SBI Amrit Kalash Scheme is only 400 days, and it offers a higher interest rate compared to other FD schemes, returning 7.10% interest.
All participants in this scheme benefit from DICGC insurance coverage of up to ₹5 lakh and the option to secure a loan against their deposit.
Senior citizens who enroll in the Amrit Kalash Scheme receive an additional 0.5% interest, bringing their total to 7.60%.
To participate in the SBI Amrit Kalash FD scheme, visit your nearest SBI branch with the necessary documents, such as your UID card, PAN card, and passport-sized photograph.