To provide customers with an attractive savings opportunity, the State Bank of India (SBI) has introduced a limited-time fixed deposit scheme, Amrit Vrishti. Launched on July 16, this unique scheme offers competitive interest rates and exclusive benefits for senior citizens. It is open to both domestic and non-resident Indian (NRI) customers.
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What Is the SBI Amrit Vrishti Scheme?
The Amrit Vrishti scheme is a term deposit plan with a 444-day tenure and offers an annual interest rate of 7.25%. Senior citizens can enjoy a higher rate of 7.75%. Designed to meet the needs of a diverse customer base, the scheme combines flexibility with attractive returns.
Eligibility Criteria
The scheme applies to:
- Domestic retail term deposits (including NRI rupee term deposits) below Rs 3 crore.
- New deposits as well as renewals of existing deposits.
- Both term deposits and special term deposits.
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Exclusions:
The scheme does not include recurring deposits, tax-savings deposits, annuity deposits, multi-option deposits (MODs), capital gains schemes, or NRI deposits of SBI staff and senior citizens.
Key Features
Minimum Deposit: Rs 1,000 (no upper limit).
SBI Amrit Vrishti Scheme Interest Rate
-Regular customers: 7.25% per annum.
-Senior citizens: 7.75% per annum.
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Interest Payment Options:
Term deposits: Monthly, quarterly, or half-yearly intervals.
Special term deposits: On maturity.
Premature Withdrawal Terms
For premature withdrawals, the penalty rates are as follows:
- Deposits up to Rs 5 lakh: 0.50% penalty.
- Deposits above Rs 5 lakh and below Rs 3 crore: 1% penalty.
- No interest is paid on deposits withdrawn before seven days. However, SBI staff and pensioners are exempt from penalties, and they receive interest applicable to the actual tenure of the deposit.
SBI Amrit Vrishti Scheme Tax Implications
Interest earned on fixed deposits under this scheme is subject to Tax Deducted at Source (TDS) based on the depositor’s income tax slab.
Loan Facility
Customers can avail of loans against deposits under this scheme.
How to Invest in SBI Amrit Vrishti Scheme?
Investments can be made through multiple channels, including:
- SBI branches.
- Mobile banking apps (YONO SBI and YONO Lite).
- SBI Internet Banking (INB).
- The bank system will automatically apply the scheme upon selecting the 444-day tenure, so no separate product codes are required.
SBI Amrit Vrishti Scheme Calculator
Investment Details:
Investment Amount: Rs 1,00,000
For Senior Citizens:
- Interest Earned: Rs 9,787.04
- Maturity Amount: Rs 1,09,787.04
For General Citizens:
- Interest Earned: Rs 9,133.54
- Maturity Amount: Rs 1,09,133.54
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Is It Right For You? Should You Invest In the SBI Amrit Vrishti Scheme?
The Amrit Vrishti scheme is ideal for those with short-term financial goals due to its 444-day tenure. However, it lacks renewal options at the same rate, making it less suitable for long-term wealth creation. Customers with a horizon exceeding a decade may want to explore alternative investment options.
SBI Amrit Vrishti Scheme Last Date
The scheme is open until March 31, 2025, offering a limited window for customers to secure competitive returns with the safety and reliability of a fixed deposit.
For more details, visit your nearest SBI branch or explore digital banking options through SBI’s platforms.
