Earn 7.75% Interest in 444 Days with This SBI Fixed Deposit Scheme

Out of the many Fixed Deposit (FD) schemes offered by the State Bank of India (SBI) for its customers, the Amrit Vrishti scheme is special. It is a special deposit scheme with a duration of 444 days. Launched on July 16, 2024, the scheme is open for investment until March 31, 2025. 

This Fixed Deposit scheme aims to provide customers with competitive interest rates. Another interesting thing to note with this scheme is that both Indians and Non-Resident Indians (NRIs) can benefit from this scheme. Under this FD, general customers will receive an interest rate of 7.25% per annum while Senior Citizens can enjoy an interest rate of 7.75% per annum. 

These interest rates apply to new deposits and renewals of existing domestic retail term deposits (including NRI term deposits) with an amount less than Rs. 3 crores. 

What are the benefits of the Amrit Vrishti Scheme? 

Minimum investment of Rs.1,000 with no maximum investment limit.  Interest payable monthly, quarterly, or half-yearly  Loan facility available against the deposit amount 

Is there a penalty for premature withdrawal? 

For deposits up to Rs. 5 lakh, there exists a penalty of 0.50% and for deposits exceeding Rs. 5 lakh and less than Rs.3 crore, there is a 1% penalty. Also, it's important to note that there will be no interest on the withdrawal of the deposit amount within 7 days. SBI employees and pensioners are exempted from penalties. 

How to apply for the Amrit Vrishti FD scheme? 

Customers can invest in this Fixed Deposit scheme through various channels:  Any SBI branch  YONO SBI and YONO Lite Mobile applications  SBI Internet Banking (INB)  Selecting a 444-day investment period will automatically place the deposit under this scheme.