The State Bank of India (SBI) has given more time for people.To put their money into its special Amrit Kalash fixed deposits.
This plan offers the best interest rate from SBI to both older people and the general public for all time periods.
As per the SBI website, this special 400-day plan (Amrit Kalash) has an interest rate of 7.10% from April 12, 2023. Senior citizens can get 7.60% interest. This plan will be available until December 31, 2023.
SBI offers different interest rates for various time periods on fixed deposits:
For deposits lasting from 211 days to less than 1 year, SBI offers 5.75% to regular citizens and 6.25% to senior citizens.
1 year to less than 2 years, SBI offers 6.8% to regular citizens and 7.3%
2 years to less than 3 years, SBI offers 7% to regular citizens and 7.5%
3 years to less than 5 years, SBI offers 6.5% to regular citizens and 7%
5 years and up to 10 years, SBI offers 6.5% to regular citizens and 7.5%
Deposits up to Rs 5 lakh (including interest) in SBI are protected under RBI’s DICGC rules. SBI also offers a plan called Sarvottam (Non-Callable) Domestic Retail Term Deposits for amounts above Rs 15 lakhs to less than Rs 2 crores. In this plan, you can’t take out your money early. The SBI Sarvottam plan gives extra interest of 30 basis points (bps) for a 1-year period and 40 bps for a 2-year period compared to the regular rate.