SBI Amrit Vrishti FD Scheme: The country’s largest public sector bank, State Bank of India (SBI) is offering ‘Amrit Vrishti Scheme’ to its customers. This is a special fixed deposit scheme, which is giving customers an opportunity to earn returns at good interest rates in a short time.
SBI Amrit Vrishti FD Scheme: The country’s largest public sector bank, State Bank of India (SBI) is offering ‘Amrit Vrishti Scheme’ to its customers. This is a special fixed deposit scheme, which is giving customers an opportunity to earn returns at good interest rates in a short time. This scheme started on 16 July 2024 and one can invest in the scheme till 31 March 2025.
What is SBI Amrit Vrishti Scheme?
- This is a term deposit scheme, which has a period of 444 days. That is, money will be invested in it for 44 days.
- General customers will get 7.25% annual interest.
- Senior citizens will get the benefit of 7.75% interest rate.
- Domestic and NRI customers can take advantage of this scheme.
Terms and conditions of the scheme
- This scheme will be applicable to those fixed deposits whose investment amount is less than ₹ 3 crore.
- This rule can also be applicable on new deposits and renewal of existing deposits.
- It will not be applicable on recurring deposits, tax saving deposits, annuity deposits and multi-option deposits.
Benefits of the scheme
- The minimum investment amount is ₹ 1,000.
- There is no limit on maximum investment.
- Interest will be paid on monthly, quarterly or half-yearly basis.
- Rules for premature withdrawal of money
- 0.50% penalty on deposits up to ₹ 5 lakh.
- 1% penalty on deposits from ₹ 5 lakh to ₹ 3 crore.
- No interest will be paid on withdrawal of money before 7 days.
- Penalty is waived for SBI staff and pensioners.
Loan and tax facility
- Loan can be taken on the deposit amount under this scheme.
- TDS will be deducted on interest.
How to invest?
Customers can invest through SBI branches, YONO SBI and YONO Lite mobile apps or internet banking. This scheme will be automatically implemented on choosing a period of 444 days.
Is this scheme right for you?
Amrit Vrishti Scheme is a great option for those who want to save and get good returns in the short term. However, it will not be right for long term investment as it does not have the facility of interest rate renewal.
FD Rates for Senior Citizens
7 days to 45 days 4.00%
46 days to 179 days 6.00%
180 days to 210 days 6.75%
211 days to less than 1 year 7.00%
1 year to less than 2 years 7.30%
2 years to less than 3 years 7.50%
3 years to less than 5 years 7.25%
5 years and up to 10 years 7.50%*
Tenure RD Rates for General Citizens RD Rates for Senior Citizens
1 Year – 1 Year 364 Days 6.80% to 7.30%
2 Years – 2 Years 364 Days 7.00% to 7.50%
3 Years – 4 Years 364 Days 6.50% to 7.00%
5 Years – 10 Years 6.50% to 7.00%
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