SBI 444-Day FD: Whenever the topic of investment arises, fixed deposits (FDs) are often the first option that comes to mind. If you are considering investing in an FD, the country’s largest bank, the State Bank of India (SBI), is offering an excellent investment scheme. This scheme ensures that your invested capital remains completely safe and yields impressive returns.
Currently, SBI is offering the ‘Amrit Vrishti’ FD scheme, which has a tenure of 444 days. Both general investors and senior citizens can easily invest in this scheme. The Amrit Vrishti scheme also offers attractive returns upon maturity. Let us explore the details of this scheme.
What is the interest rate for the SBI Amrit Vrishti scheme?
The SBI Amrit Vrishti scheme is an excellent FD option that allows investors to deposit a lump sum amount. Under this scheme, general investors earn a return at a rate of 6.45%, while senior citizens earn interest at a rate of 7.05%. This means senior citizens benefit from a higher interest rate compared to general investors. According to RBI guidelines, investments in the SBI Amrit Vrishti scheme must be less than ₹3 crore; amounts exceeding ₹3 crore are classified as ‘bulk FDs’.
Find out the return on an investment of ₹1 lakh.
If a general investor invests ₹1 lakh in the SBI Amrit Vrishti scheme for 444 days at an interest rate of 6.45%, they will earn ₹8,327 in interest. Consequently, the total maturity value (principal plus interest) will amount to ₹108,327. On the other hand, if senior citizens invest ₹1 lakh in the SBI Amrit Vrishti scheme for 444 days, they will earn ₹9,129 in interest at a rate of 7.05%. Consequently, the total return received will be ₹109,129.