SBI Amrit Vrishti FD: The country’s largest public sector lender State Bank of India (SBI) has introduced a new fixed deposit (FD) scheme, which is named ‘Amrit Vrishti’. This scheme was introduced on July 15, 2024, and deposits can be made in it only till March 31, 2025. By investing in the scheme, investors can earn an annual interest of 7.75 percent on their money. This scheme is available for both Indian and NRI customers. Investors can open this special FD scheme of SBI by visiting any branch of the bank, through Internet banking and the YONO app.
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What is maturity period?
In SBI’s Amrit Vrishti Fixed Deposit Scheme, 7.25 percent annual interest will be available on a normal account on maturity of 444 days. On the other hand, senior citizens will get 50 basis points more interest, that is, senior citizens can earn an annual interest of 7.75 percent on this FD scheme. This FD scheme also provides a loan facility.
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Features of Amrit Vrishti FD Scheme
1. Deposit can be done between: 15.07.2024 to 31.03.2025
2. Tenure: 444 days
3. Deposit amount: Retail investors can make FDs with an amount of less than Rs. 3 crore. There will also be a facility to renew the existing deposit. NRIs can also avail the benefits of this scheme.
4. What will be the Interest rate?: 7.25 percent annual interest on normal accounts and 7.75 percent annual interest on senior citizens. While bank employees and pensioners are entitled to additional interest rates on FD.
5. Payment of interest: i) Term Deposit – Term Deposit – at monthly/quarterly/half-yearly intervals, Special Term Deposit – on maturity, ii) Interest after deducting TDS will be credited to the customer’s account
6. Tax deduction: TDS on interest income as per the Income Tax Act, if applicable
7. Premature withdrawal: i) For retail term deposits up to Rs 5 lakh, the penalty on premature withdrawal will be 0.50 percent (for all tenures).
ii) For term deposits above Rs 5 lakh but less than Rs 3 crore, the penalty on premature withdrawal will be 1 percent (for all tenures).
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This is a limited period scheme
SBI’s Amrit Vrishti scheme will be available from July 15, 2024, to March 31, 2025. In this, you will have to deposit money for 444 days. This scheme will apply to domestic retail term deposits and NRI rupee term deposits. This scheme is very beneficial for those who want to invest for a long time. Let us tell you that the bank had earlier launched a similar scheme named ‘Amrit Kalash’. In that, interest of up to 7.60 percent is being given on deposits for 400 days.
