India’s largest public sector bank, State Bank of India (SBI) has given a big shock to its customers. SBI has closed its special fixed deposit (FD) scheme ‘Amrit Kalash’. Investors could invest in it till 31 March 2025, now the bank has closed it.
According to the official website of SBI, the bank has discontinued the ‘Amrit Kalash’ scheme from April 1, 2025. Earlier, SBI used to extend this scheme every time, but this time it has not been extended. Now let us know what will happen to the investments of those who had invested on or before March 31?
What will happen to the money already invested in Amrit Kalash Scheme?
Investors who have invested in State Bank of India’s Amrit Kalash FD scheme till March 31, 2025, have no need to worry. Their deposit amount and interest will be completely safe. At the time of maturity of the scheme, they will get back their entire amount, which will include both the principal amount and interest. Therefore, people who have invested in this scheme can rest assured about their investment.
What was the Amrit Kalash Scheme?
Amrit Kalash Scheme was a special fixed deposit scheme in which investors deposited money for only 400 days. This scheme was for a period of about 1 year and 2 months. Due to good response from the customers, its time limit was extended several times.
Under this scheme, normal customers were getting 7.10% interest and senior citizens were getting 7.60% interest, which was 30 basis points higher than the normal fixed deposit rates. The scheme was available to both domestic and NRI customers and covered term deposits up to Rs 2 crore. Customers could receive their interest on a monthly, quarterly, or half-yearly basis, or for special term deposits, interest was paid at the time of maturity. TDS was also deducted under this scheme as per the Income Tax Act, and it also offered loan facility and premature withdrawal facility.
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