SBI Amrit Kalash, IDBI Bank Amrit Mahotsav special FDs will close tomorrow; check details
Last year, banks introduced special, short-term fixed deposits on the occasion of Amrit Mahotsav with higher interest rates compared to standard FDs. Some of these special bank FDs ended and few will end on August 15, 2023.State Bank of India and IDBI Bank’s special fixed deposits dubbed Amrit Kalash and Amrit Mahotsav FD, respectively, will end on August 15, 2023.
SBI Amrit Kalash
The bank offers "AMRIT KALASH" retail term deposit scheme at a rate of 7.10% pa for regular citizen. The tenure of the deposit is 400 days. As per 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%.” This SBI special FD scheme also includes premature withdrawal and loan against deposit options. State Bank of India offers interest rates between 3% and 7% for general citizens for amounts below Rs 2 crore and for senior citizens, interest rates offered are between 3.50% and 7.50%.
Payment of interest, at monthly, quarterly, half yearly intervals. On special term deposits- On maturity ii) Interest, net of TDS, shall be credited to customer’s account. TDS is levied in accordance with Income Tax Rules. The depositor can use Form 15G/15H to request an exemption from tax deduction under IT Rules.
IDBI Bank Amrit Mahotsav FD
The Amrit Mahotsav FD is a unique term deposit offered by IDBI bank for terms of 375 and 444 days. The bank gives regular, NRE, and NRO customers an interest rate of 7.15% under the Amrit Mahotsav FD scheme of 444 days. The bank gives older folks 7.65%. The bank gives regular, NRE, and NRO customers an interest rate of 7.10% under the Amrit Mahotsav FD scheme of 375 days. The bank offers 7.60% interest rate for senior citizens under the scheme. IDBI Bank offers interest rates between 3% and 6.80% for general citizens for amounts below Rs 2 crore and for senior citizens, interest rates offered are between 3.50% and 7.30%.
Other special deposits
Indian Bank special FD termed as IND SUPER 400 DAYS; IND SUPREME 300 DAYS will end on August 31, 2023. Punjab and Sindh offer higher interest rate on 400 days and 601 days tenure, and last date to invest is September 30, 2023.
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This story originally appeared on: India Times - Author:Faqs of Insurances
