SBI Amrit Vrishti Scheme: The country’s largest public sector bank, State Bank of India (SBI), is giving its customers an opportunity to get the best returns in a short time. SBI Bank recently launched the ‘Amrit Vrishti Scheme’. This limited-period fixed deposit scheme was launched on 16 July 2024. Investors in the scheme can invest till 31 March 2025
SBI Amrit Vrishti Scheme: The country’s largest public sector bank, State Bank of India (SBI), is giving its customers an opportunity to get the best returns in a short time. SBI Bank recently launched the ‘Amrit Vrishti Scheme’. This limited-period fixed deposit scheme was launched on 16 July 2024. Investors in the scheme can invest till 31 March 2025. The aim of this scheme is to give returns to the customers at competitive interest rates.
What is SBI Amrit Vrishti Scheme?
This is a term deposit scheme, whose period is 444 days. Under the scheme, general customers will get an interest rate of 7.25% per annum and senior citizens will get 7.75% per annum. Both domestic and non-resident Indians (NRIs) can avail the benefits of this scheme.
SBI Amrit Vrishti Scheme Terms
- Domestic retail term deposits (including NRI term deposits) with an amount less than Rs 3 crore.
- Applicable to new deposits and renewal of existing deposits.
- This scheme can be applicable to term deposits and special term deposits.
- It will not be applicable to recurring deposits, tax saving deposits, annuity deposits and multi-option deposits.
Benefits of the scheme
You can invest a minimum of Rs 1,000 in the scheme. There is no maximum investment limit.
How and when will you get interest?
- Term deposit: Monthly, quarterly or half-yearly interest is paid.
- What will happen if you withdraw money prematurely in Amrit Vrishti scheme?
- On deposits up to ₹5 lakh: 0.50% penalty.
- For deposits above ₹5 lakh and less than ₹3 crore: 1% penalty.
- No interest on deposits withdrawn before seven days.
- Penalty is waived for SBI staff and pensioners.
Loan facility
- Tax: TDS will be deducted on the interest earned.
- Can I take a loan against the scheme?
- Under this scheme, a loan can be taken against the deposited amount.
How to invest?
- Customers can invest through these means
- Through SBI branch.
- YONO SBI and YONO Lite mobile apps.
- SBI Internet Banking (INB).
- If you select a 444-day period, the bank will automatically apply this scheme.
Is this scheme right for you?
Amrit Vrishti Yojana is the best option for short-term savings. Especially considering the period of 444 days. However, this scheme will not be right for long-term investment as there is no option to renew the interest rate.