FD Update: 400 days FD will make big money, this bank is giving bumper interest..

State Bank of India (SBI) has extended the validity of the Amrit Lakash Special Fixed Deposit Scheme. In this special Fixed Deposit Scheme of SBI, retail customers and senior citizens get higher interest rates. Now deposits can be made in SBI's Amrit Kalash Scheme till 30 September 2024.

According to the website of SBI, the investment period in this scheme is at least 400 days in which the benefit of interest rate of 7.10 percent is available. This interest rate is applicable from 12 April 2023. Whereas senior citizens get a 7.60 percent interest rate return on deposits. Let us know some special things related to this scheme…

Penalty on premature withdrawal

If you withdraw the money deposited in this policy before 400 days, then the interest rate may be reduced by 0.50% to 1%. Under this scheme, the depositor is being given the facility to credit the interest account monthly, for three months, six months, annually, and till the completion of the policy term. On completion of the policy term, the interest is deposited in the customer's account after deducting TDS.

What is the interest rate on SBI FD?

At present, SBI is giving returns of 3.5% to 7% (except Amrit Kalash Scheme) to general customers on fixed deposits (FD) of less than Rs 2 crore. Whereas for senior citizens the interest rate on FD is between 4% to 7.50%.

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