SBI 400 Days FD Scheme Deadline: Only seven days are left for the deadline of this 400-day special FD scheme of State Bank of India to end, you can still invest in it till 30 September 2024 and take advantage.
Fixed deposit schemes have become quite popular in terms of safe investment and great returns. Especially senior citizens invest with the thought that their investment should be completely safe and the interest income on it should also be high. Accordingly, to invest, they mostly turn to FD schemes. The 400-day special FD scheme of the country’s largest public sector bank SBI is quite popular, which is called Amrit Kalash Scheme (SBI Amrit Kalash FD Scheme), but this special FD scheme is going to be closed and only 7 days are left for investment.
Senior citizens benefit even more
During the Corona period, when the Reserve Bank of India increased the burden on the people by continuously increasing the repo rate due to inflation being at its peak, then many banks in the country gave relief to the customers by increasing the interest rate on their FDs. Talking about SBI’s Amrit Kalash FD Scheme, this is a special FD scheme of 400 days. In which a strong interest rate of 7.10 percent is offered to the general customers. Whereas senior citizens get even more benefit in this, because the interest rate for them has been fixed 0.50 percent higher i.e. 7.60 percent.
When was the deadline extended?
This scheme became popular since its launch by SBI and the number of people investing in it has increased continuously. The popularity of this 400-day FD scheme can be gauged from the fact that the bank has had to extend its deadline several times. It was first introduced on April 12, 2023 and its deadline was fixed as June 23, 2023. After this, it was extended to December 31, 2023 and then it was extended till March 31, 2024. Before this deadline ended, SBI had extended the last date of this special FD scheme to September 30, 2024. That is, now only 22 days are left to take advantage of this scheme.
Calculation of income from interest?
If general investors invest Rs 1 lakh under this scheme, then they will earn Rs 7,100 annually as interest. At the same time, senior citizens will get Rs 7,600 annually as interest. This scheme will mature in 400 days. That is, 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 an investor invests Rs 10 lakh, then he will earn Rs 71,000 annually from interest, that is, an income of Rs 5,916 every month. Senior citizens can get an additional Rs 6,333 every month.
When can you take the interest amount
Investors in the Amrit Kalash scheme can take interest on a monthly, quarterly and half-yearly basis. On this special FD deposit, the maturity interest, TDS will be deducted and deposited in the customer’s account. TDS will be levied at the applicable rate under the Income Tax Act. To invest in this scheme, you can use SBI’s Yono banking app. Apart from this, you can also invest in this scheme by visiting the branch.
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