Business News Desk – To provide better savings options to the people, State Bank of India (SBI) has launched a limited period fixed deposit scheme called ‘Amrit Vrishti’ (SBI Amrit Vrishti Yojana). Launched on July 16 this year, this unique scheme offers competitive interest rates and special benefits to senior citizens. The scheme is available to both domestic and non-resident Indians (NRI) customers. Amrit Vrishti Yojana is open till March 31, 2025.
What is SBI Amrit Vrishti Scheme?
Amrit Vrishti Yojana is an FD scheme with a tenure of 444 days, which offers an interest rate of 7.25% per annum. Additionally, senior citizens are offered an interest rate of 7.75%. Designed to meet the needs of a variety of customers, the scheme offers flexibility as well as attractive returns. In this you will 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 (including NRI term deposits) of less than Rs 3 crore.
New deposits and renewal of existing deposits.
Term Deposits and Special Term Deposits.
Premature Withdrawal Terms
A penalty of 0.50% will be charged on deposits up to Rs 5 lakh.
A penalty of 1% will be levied on deposits of more than Rs 5 lakh and less than Rs 3 crore.
Let us tell you that no interest will be given on withdrawals made before 7 days. However, SBI employees and pensioners are exempted from the penalty and they get interest as 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) depending on the income tax slab of the depositor.
Loan Facility – Customers can avail loan against the deposited amount under this scheme.
How to invest in the scheme?
By going to SBI branch.
Mobile Banking App (YONO SBI and YONO Lite).
SBI Internet Banking (INB)
SBI Amrit Vrishti Scheme Calculator
Suppose you have invested Rs 1,00,000 in the scheme. If you are a senior citizen then you will get Rs 1,09,787.04 on maturity. During this period you will get interest of Rs 9,787.04. Whereas, if you are a normal citizen then you will get Rs 1,09,133.54 on maturity. During this period you will get interest of Rs 9,133.54.
