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 period of time. The scheme started on 16th July 2024 and investments can be made in the scheme till 31st March 2025.
What is SBI Amrit Vrishti Scheme?
This is a term deposit scheme, whose period is 444 days. That is, the money will be invested in it for 44 days.
General customers will get 7.25% interest per annum.
Senior citizens will get the benefit of 7.75% interest rate.
Domestic and NRI customers can avail the benefit of this scheme.
Scheme Terms and Conditions
This scheme will be applicable to those fixed deposits whose investment amount is less than ₹3 crore.
This rule may also apply to new deposits and renewal of existing deposits.
Will not be applicable on recurring deposits, tax saving deposits, annuity deposits and multi-option deposits.
Benefits of the scheme
The minimum amount of investment 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 between ₹5 lakh to ₹3 crore.
No interest will be given on withdrawal of money before 7 days.
There is exemption on penalty for SBI staff and pensioners.
Loan and tax facilities
Under this scheme, loan can be taken against the deposited amount.
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. The plan will be automatically implemented if you select a 444-day period.
Is this plan right for you?
Amrit Vrishti Scheme is a great option for those looking for short term savings and good returns. However, it will not be suitable for long term investment as it does not have the facility of interest rate renewal.
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