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 time.
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 time. This scheme started on 16 July 2024 and one can invest in the scheme till 31 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% annual interest.
Senior citizens will get the benefit of 7.75% interest rate.
Domestic and NRI customers can take advantage of this scheme.
Terms and conditions of the scheme
This scheme will be applicable to those fixed deposits whose investment amount is less than ₹ 3 crore.
This rule can also be applicable on new deposits and renewal of existing deposits.
It will not be applicable on recurring deposits, tax saving deposits, annuity deposits and multi-option deposits.
Benefits of the scheme
The minimum investment amount is ₹1,000.
There is no maximum investment limit.
Interest will be paid on monthly, quarterly or half-yearly basis.
Premature withdrawal rules
0.50% penalty on deposits up to ₹5 lakh.
1% penalty on deposits from ₹5 lakh to ₹3 crore.
No interest will be paid if money is withdrawn before 7 days.
Penalty is waived for SBI staff and pensioners.
Loan and tax facility
Loan can be taken on the deposit amount under this scheme.
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 scheme will be automatically implemented if a 444-day period is selected.
Is this scheme 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 there is no interest rate renewal facility.
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