SBI New Amrit Kalash FD

[Acharya2506]

Hi Members,

I have some FDs in sbi which is for 1 years and rate if interest is 6.8% but as per checking now sbi has launched new FD in the name of Amrit Kalash for 400days rates are 7.10%
Should i withdraw my old FD and reinvest in this new FD ?

Regards,
Vishwanath

 

[Skylar]

Hi Members,

I have some FDs in sbi which is for 1 years and rate if interest is 6.8% but as per checking now sbi has launched new FD in the name of Amrit Kalash for 400days rates are 7.10%
Should i withdraw my old FD and reinvest in this new FD ?

Regards,
Vishwanath

When will your FD mature?
If you withdraw now there would be premature withdrawal charges.

 

[TaxWiser]

Hi Members,

I have some FDs in sbi which is for 1 years and rate if interest is 6.8% but as per checking now sbi has launched new FD in the name of Amrit Kalash for 400days rates are 7.10%
Should i withdraw my old FD and reinvest in this new FD ?

Regards,
Vishwanath

Switching to the new SBI Amrit Kalash FD could be beneficial due to the higher interest rate. Here are some points to consider:

Current FD
- Interest Rate: 6.8%
- Tenure: 1 year

SBI Amrit Kalash FD
- Interest Rate: 7.10%
- Tenure: 400 days (approximately 13 months and 5 days)
- Availability: Open till September 30, 2024¹

Considerations
1. Premature Withdrawal Penalty: Check if there are any penalties for withdrawing your current FD early. This could affect the overall benefit of switching.
2. Interest Rate Difference: The new FD offers a higher rate, which could result in better returns over the slightly longer tenure.
3. Reinvestment: If the penalty for premature withdrawal is minimal, reinvesting in the Amrit Kalash FD could be advantageous.

Example Calculation
- Current FD: ₹5,000 at 6.8% for 1 year = ₹5,340
- Amrit Kalash FD: ₹5,000 at 7.10% for 400 days = ₹5,388

Recommendation
If the penalty for early withdrawal is not significant, switching to the Amrit Kalash FD could be a good move for better returns. However, it's always wise to consult with your bank to understand all implications before making a decision.

(Source: Conversation with Gemini AI)

 

[Sayan_D]

Tell the bank to extend the fd as your fd tenure is less then 400 days so it can be extended without breaking

 

[zacobite]

Hi Members,

I have some FDs in sbi which is for 1 years and rate if interest is 6.8% but as per checking now sbi has launched new FD in the name of Amrit Kalash for 400days rates are 7.10%
Should i withdraw my old FD and reinvest in this new FD ?

Regards,
Vishwanath

how much money.. few lakhs won't be huge difference.. crores then yes u shd negotiate indusind hs 7.75 / kotak has 7.4.. 7.1 is v less

 

[TaxWiser]

Hi Members,

I have some FDs in sbi which is for 1 years and rate if interest is 6.8% but as per checking now sbi has launched new FD in the name of Amrit Kalash for 400days rates are 7.10%
Should i withdraw my old FD and reinvest in this new FD ?

Regards,
Vishwanath

STABLE MONEY is a Good Option if you want to Switch after doing your own maths

how much money.. few lakhs won't be huge difference.. crores then yes u shd negotiate indusind hs 7.75 / kotak has 7.4.. 7.1 is v less