Special Fixed Deposit Scheme: SBI’s special scheme is open only till March 31, 2025. You can benefit by investing in it. Know how much interest you will get and how to apply.
To provide better savings options to the people, State Bank of India (SBI) has launched a limited-time fixed deposit scheme called ‘Amrit Vrishti’ (SBI Amrit Vrishti Scheme). Launched on July 16 this year, this unique scheme offers competitive interest rates and exclusive benefits to senior citizens. This scheme is available to both domestic and non-resident Indians (NRIs) customers. Amrit Vrishti Scheme is open till March 31, 2025. Amrit Vrishti Yojana is an FD scheme with a tenure of 444 days, which offers an interest rate of 7.25% per annum.
What is SBI Amrit Vrishti Yojana?
Apart from this, senior citizens are offered an interest rate of 7.75%. Designed to meet the needs of different types of customers, this scheme also offers attractive returns along with flexibility. In this, you have to invest at least Rs 1000. There is no upper limit on investment during this period. Interest will be paid every month, 3 months or 6 months during the investment period.
Eligibility
- Domestic term retail deposits less than Rs 3 crore (including NRI rupee term deposits).
- New deposits as well as renewal of existing deposits.
- Term deposits and special term deposits.
Terms of premature withdrawal
- Deposits up to Rs 5 lakh will attract a penalty of 0.50%.
- Deposits above Rs 5 lakh and less than Rs 3 crore will attract a penalty of 1%.
- Let us tell you that no interest will be paid on withdrawals made before 7 days. However, SBI employees and pensioners are exempted from the penalty and they get interest applicable on the actual tenure of the deposit.
Tax Implications – Interest earned on fixed deposits under this scheme is subject to tax deduction at source (TDS) based on the income tax slab of the depositor.
Loan Facility – Under this scheme, customers can get loan on deposit.
How to invest in the scheme?
By visiting SBI branch.
Mobile Banking App (YONO SBI and YONO Lite).
SBI Internet Banking (INB).
SBI Amrit Vrishti Scheme Calculator
Let’s assume that you have invested Rs 1,00,000 in the scheme. If you are a senior citizen, you will get Rs 1,09,787.04 on maturity. During this time you will get interest of Rs 9,787.04. Meanwhile, if you are a normal citizen, you will get Rs 1,09,133.54 on maturity. During this period, you will get interest of Rs 9,133.54.
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