Explore the SBI Amrit Vrishti Scheme, a special fixed deposit plan offering attractive interest rates for a tenure of 444 days. Learn about eligibility, interest rates, application methods, and benefits.
What is the SBI Amrit Vrishti FD Scheme?
SBI Amrit Vrishti Scheme Details
SBI Amrit Vrishti Scheme Interest Rate
SBI Amrit Vrishti Scheme Last Date
SBI Amrit Vrishti Scheme Eligibility
SBI Amrit Vrishti Scheme for Senior Citizens
How to Invest in SBI Amrit Vrishti Scheme?
SBI Amrit Vrishti Scheme Benefits
FAQs on SBI Amrit Vrishti Scheme
The SBI Amrit Vrishti FD Scheme is a special fixed deposit plan introduced by the State Bank of India, designed to offer higher returns over a short tenure.
Scheme Overview
The scheme is tailored for investors seeking safe, short-term deposits with attractive interest rates.
Fixed tenure of 444 days
Introduced on 16 July 2024
Open for investment until 31 March 2025
Interest Rate Structure
The scheme offers competitive interest rates compared to regular term deposits.
6.85% p.a. for general public
7.35% for senior citizens
7.45% for super senior citizens
Investment Channels
Investors can access the scheme through various channels.
SBI branches
Net Banking
YONO app
Loan and Withdrawal Options
The scheme includes flexible options for loans and premature withdrawals.
Loan facility available
Premature withdrawal penalty of 0.50% to 1%
No penalty for staff and SBI pensioners
Tenure and Deposit Limits
Understand the tenure and deposit limits for the scheme.
Tenure fixed at 444 days
Minimum deposit of ₹1,000
Maximum limit less than ₹3 crore
Interest Payment Options
Choose from various interest payout options.
Monthly interest payout
Quarterly interest payout
Half-yearly or at maturity
Investment Modes
Multiple modes available for investment.
Through SBI branches
Internet Banking
YONO app
Loan Facility
Loan facility is available under the scheme.
Available for all depositors
Loan up to 90% of deposit value
Interest rate on loan is 1% above FD rate
Interest Rates for Different Categories
Interest rates vary based on customer categories.
7.25% p.a. for general customers
7.75% p.a. for senior citizens
Additional 0.50% for SBI staff
Interest Calculation Example
Example calculation of interest earnings.
Deposit of ₹1 lakh for 444 days
Interest rate of 7.25% p.a.
Total interest earned: ₹8,810
Comparison with Regular FDs
Higher interest rates compared to regular FDs.
Regular FD rate: 5.5% p.a.
Amrit Vrishti rate: 7.25% p.a.
Difference: 1.75% p.a.
Interest Payout Options
Flexible interest payout options available.
Monthly payout for regular income
Quarterly payout for periodic income
At maturity for lump sum
Scheme Duration
The scheme is available for a limited period.
Launch date: 16 July 2024
Last date to invest: 31 March 2025
Fixed tenure of 444 days
Investment Deadline
Ensure investments are made before the deadline.
Investments accepted until 31 March 2025
No extensions beyond the last date
Plan investments accordingly
Renewal Options
Options available for renewing the deposit.
Renew at prevailing rates
Automatic renewal option
Manual renewal through branch
Impact of Missing Deadline
Consequences of missing the investment deadline.
Ineligibility for scheme benefits
Consider alternative investment options
Consult with bank for guidance
Eligible Depositors
Criteria for eligible depositors under the scheme.
Domestic retail term deposits
NRI rupee term deposits below ₹3 crore
New and renewal of existing deposits
Exclusions
Deposits not eligible for the scheme.
Recurring deposits
Tax savings deposits
Annuity deposits
Special Conditions
Special conditions for certain depositors.
No premature penalty for staff deposits
NRI deposits of staff excluded
SBI pensioners eligible
Eligibility Verification
Process for verifying eligibility.
Submit KYC documents
Verify through SBI branch
Online verification via YONO app
Higher Interest Rates
Senior citizens enjoy higher interest rates.
7.75% p.a. for senior citizens
7.85% for super senior citizens
Additional benefits for SBI pensioners
Additional Benefits
Extra benefits for senior citizen depositors.
Priority service at branches
Dedicated customer support
Special loan rates
Investment Options
Flexible investment options for senior citizens.
Monthly interest payout for regular income
Quarterly payout for periodic income
Lump sum payout at maturity
Tax Benefits
Potential tax benefits for senior citizens.
Interest income up to ₹50,000 exempt under Section 80TTB
Consider tax-saving options
Consult tax advisor for personalized advice
Internet Banking
Invest online through SBI's Internet Banking platform.
Log in to SBI Net Banking
Navigate to Fixed Deposits section
Select Amrit Vrishti scheme and proceed
YONO App
Invest using the YONO app for convenience.
Download and log in to YONO app
Go to Deposits section
Choose Amrit Vrishti scheme and invest
Visiting Bank Branch
Invest by visiting your nearest SBI branch.
Visit the nearest SBI branch
Fill out the FD application form
Submit required documents and deposit amount
Documentation Required
Ensure you have the necessary documents for investment.
KYC documents (ID and address proof)
PAN card
Photographs for account opening
Attractive Interest Rates
Benefit from higher interest rates compared to regular FDs.
7.25% for general public
7.75% for senior citizens
7.85% for super senior citizens
Flexible Payout Options
Choose from multiple interest payout options.
Monthly payout for regular income
Quarterly payout for periodic income
Lump sum payout at maturity
Loan Facility
Access to loans against your deposit.
Loan up to 90% of deposit value
Interest rate 1% above FD rate
Quick processing and approval
Premature Withdrawal
Flexibility to withdraw funds before maturity.
Penalty of 0.50% to 1% based on deposit value
No penalty for staff and SBI pensioners
Consider alternative options before withdrawal
What is the interest rate for senior citizens under the SBI Amrit Vrishti scheme?
The interest rate for senior citizens under the SBI Amrit Vrishti scheme is 7.75% per annum, while super senior citizens receive 7.85% per annum.
Can I withdraw my deposit prematurely?
Yes, premature withdrawal is allowed with a penalty ranging from 0.50% to 1%, depending on the deposit value. However, there is no penalty for SBI staff and pensioners.
What is the minimum deposit amount for the SBI Amrit Vrishti scheme?
The minimum deposit amount for the SBI Amrit Vrishti scheme is ₹1,000, with a maximum limit of less than ₹3 crore.
How can I apply for the SBI Amrit Vrishti scheme online?
You can apply online through SBI's Internet Banking or the YONO app. Log in, navigate to the Fixed Deposits section, and select the Amrit Vrishti scheme to proceed.
Is the SBI Amrit Vrishti scheme available for NRI deposits?
Yes, the scheme is available for NRI rupee term deposits below ₹3 crore. However, NRI deposits of SBI staff are excluded.
What are the tax benefits for senior citizens under this scheme?
Senior citizens can avail of tax benefits under Section 80TTB, where interest income up to ₹50,000 is exempt from tax.
When is the last date to invest in the SBI Amrit Vrishti scheme?
The last date to invest in the SBI Amrit Vrishti scheme is 31 March 2025. Ensure investments are made before this deadline.
What documents are required to invest in the SBI Amrit Vrishti scheme?
You need to provide KYC documents (ID and address proof), PAN card, and photographs for account opening.
Are there any special benefits for SBI staff under this scheme?
Yes, SBI staff receive an additional 0.50% interest rate, and there is no penalty for premature withdrawal of their deposits.
How is the interest calculated on the SBI Amrit Vrishti FD?
Interest is calculated based on the deposit amount and tenure at the applicable rate. For example, a ₹1 lakh deposit for 444 days at 7.25% p.a. earns ₹8,810 in interest.