The SBI Amrit Kalash NRI FD is a special scheme with 400 days tenor and competitive interest rates of 7.10%. Non-Resident Indians can invest in SBI Amrit Kalash special FD till June 30, 2023. Earlier the scheme was rolled out for investing from Feb 15, 2023 to March 31, 2023. Let’s explore the different features of SBI Amrit Kalash Special FD for NRIs.
Key Features of SBI Amrit Kalash Special FD for NRIs
| Particulars | Details |
|---|---|
| Scheme | SBI Amrit Kalsh Special FD for NRIs |
| Deadline | 30 June 2023 |
| Term | 400 days |
| Eligible deposits | – Domestic retail term and NRI Rupee term deposits – New and renewal deposits – Term deposit and special term deposits only |
| Amount | < Rs. 2 crore |
| Interest rate | 7.10% p.a. |
| TDS | On NRO FD – at applicable rates as per income tax act |
| Premature withdrawal | As applicable for retail term deposit |
| Loan facility | Available |
| Application through | Branch/ INB/ YONO channels |
SBI Amrit Kalash NRI Deposit Interest Rate
Both NRE and NRO deposits for amounts Rs. 2 cr are eligible for Amrit Kalash. Interest rate on NRE and NRO Amrit Kalash NRI deposit is 7.10% p.a. with validity for 400 days. Now the SBI NRE fixed deposit rates are as under:
| Term | Below Rs. 2 cr | Rs. 2 cr and above |
|---|---|---|
| 1 year to less than 2 years | 6.80% | 6.75% |
| 400 days (Amrit Kalash) | 7.10% | – |
| 2 year to less than 3 years | 7.00% | 6.50% |
| 3 years to less than 5 years | 6.50% | 6.00% |
| 5 years to 10 years | 6.50% | 6.00% |
Note: Other than Amrit Kalash, interest rates on SBI NRE FD is subject to periodic changes
SBI NRO Fixed Deposit Rate
Now the SBI NRO fixed deposit rates are as under:
| Term | Below Rs. 2 cr | Rs. 2 cr and above |
|---|---|---|
| 7 days to 45 days | 3.00% | 4.75% |
| 46 days to 179 days | 4.50% | 5.50% |
| 180 days to 210 days | 5.25% | 6.00% |
| 211 days to less than 1 year | 5.75% | 6.25% |
| 1 year to less than 2 years | 6.80% | 6.75% |
| 400 days (Amrit Kalash) | 7.10% | – |
| 2 years to less than 3 years | 7.00% | 6.50% |
| 3 years to less than 5 years | 6.50% | 6.00% |
| 5 years to 10 years | 6.50% | 6.00% |
Note:
- Other than Amrit Kalash, interest rates on SBI NRO FD are subject to periodic changes.
- TDS will be levied on NRO fixed deposits at the applicable rate under the Income-tax Act.
The new Amrit Kalash Deposit will also be subject to premature withdrawal penalty.
SBI Amrit Kalash scheme is an excellent opportunity for NRIs to multiply their income in India by investing in either NRE or NRO fixed deposit for 400 days.
NRIs can Download the SBNRI App and apply for an NRI Bank Account in just 5 minutes or to invest in fixed deposits in India. Book an FD instantly and even avail a loan against it by simply using the app.
At SBNRI, you get direct access to field experts who will take care of your individual process personally and assist you throughout the way. Just click on the button below to get in touch with our expert now. Also, visit our blog and YouTube Channel for more details.
FAQs
Amrit Kalash is a special fixed deposit scheme of SBI for 400 days and offers 7.10% for NRIs.
NRIs can deposit up to Rs. 2 crore in NRE or NRO fixed deposits to avail the benefits of Amrit Kalsh scheme.
You can invest in the Amrit Kalash scheme via the official website of the State Bank of India or Yono SBI app.
The validity of Amrit Kalash special fixed deposit scheme has been extended till 30th June 2023.
The scheme offers attractive interest of 7.10% on a fixed deposit less than Rs. 2 cr.
You don’t need a separate product code for Amrit Kalash Deposit.
There is no tax on NRE fixed deposits. However, TDS is applicable on NRO fixed deposits at applicable rate as per the income tax act.
