• Source:JND
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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 special SBI's fixed deposit scheme is available for both Indian and NRI customers. Someone can easily invest in the Amrit Vrishti scheme with the help of the YONO app or by visiting a bank branch.

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.

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).

This is a limited period scheme

SBI's Amrit Vrishti plan will be accessible from July 15, 2024, to March 31, 2025. You will have to put money down for 444 days. Domestic retail term deposits and non-Indian rupee term deposits will be covered by this scheme. This plan is extremely helpful for people who want to invest for a lengthy period. SBI earlier presented a plan with a similar name called 'Amrit Kalash'.