The State Bank of India (SBI) has recently extended its popular fixed deposit (FD) schemes, Amrit Kalash and Amrit Vrishti, until March 31, 2025. Initially set to conclude on September 30, 2024, this extension reflects SBI’s commitment to providing attractive savings options for its customers.
Competitive Interest Rates to Attract Depositors
Under the Amrit Kalash scheme, customers can earn an interest rate of 7.10% for a tenure of 400 days. Meanwhile, the Amrit Vrishti scheme offers a slightly higher interest rate of 7.25% for a tenure of 444 days. One of the key highlights of these schemes is the additional 50 basis points (0.50%) interest offered to senior citizens, encouraging them to invest and secure their financial future.
Background and Rationale for the Extension
The extension of these fixed deposit schemes comes in the wake of a directive from the Reserve Bank of India (RBI) aimed at narrowing the deposit-credit growth gap among banks. Following the RBI’s guidance issued in early June, SBI introduced the new 444-day Amrit Vrishti scheme on July 15, 2024, to align with the regulatory expectations and foster a more balanced approach to lending and deposits.
A Growing Trend in Fixed Deposits
As the financial landscape evolves, fixed deposits continue to be a favored investment avenue for risk-averse individuals seeking stable returns. The appeal of SBI’s extended Amrit Kalash and Amrit Vrishti schemes lies in their competitive interest rates, providing an excellent opportunity for individuals and families to grow their savings.
Conclusion
With the extension of the Amrit Kalash and Amrit Vrishti fixed deposit schemes, SBI is reaffirming its position as a leading player in the Indian banking sector. These schemes not only offer attractive interest rates but also cater specifically to the needs of senior citizens. As the deadline for these schemes approaches in March 2025, investors are encouraged to take advantage of this opportunity to enhance their financial portfolio.
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