SBI 400-day FD: The Amrit Kalash fixed deposit scheme has been terminated by the State Bank of India (SBI), India’s largest public sector bank, thereby forcing many investors to reconsider their financial strategies. The temporary type of an FD scheme was introduced to provide attractive returns at the rate of 7.10% per annum to general investors and 7.60% for senior citizens on deposits of 400-day maturity, with effect from April 1, 2025.
SBI Reason for Discontinues of Amrit kalash FD Scheme
As per the SBI official website, the Amrit Kalash FD scheme was launched on the 12th of April, 2023, to provide higher returns on a 400-day tenure. Now, since the monetary policy is changing and as the economic conditions are changing, the bank has preferred to withdraw the scheme.
The remarks come shortly before the Monetary Policy Committee (MPC) meeting of the Reserve Bank of India (RBI), where interest-rate and liquidity measures will, among other things, be decided. This trend is further confirmed as many other banks, including HDFC Bank, Yes Bank, and Punjab & Sind Bank, have also slashed the FD rates.
What Other FD Schemes Are Offered?
Now that the Amrit Kalash FD has withdrawn, SBI has the option of the Amrit Vrishti Special FD Scheme launched on July 15, 2014. The salient features of this offer are:
- 7.25% interest for general investors on a deposit of 444 days.
- 7.75% for senior citizens.
- A higher rate of 7.85% for super senior citizens (80 years and above).
These rates, which will be effective from January 3, 2025, reaffirm SBI’s commitment to senior citizens by offering better returns in a competitive financial marketplace.
