SBI Amrit Vrishti Scheme: The special fixed deposit scheme ‘Amrit Vrishti’ of State Bank of India (SBI), India’s largest public sector bank, is very popular among investors. If you are looking for great returns while investing safely, this special 444-day plan could be the best option for you. Find out all the important details about this special occupancy scheme as per official information from the bank.
Who benefits and how much?
The interest rates for this program are fixed to suit different age groups of investors.
General public: 6.45% per year.
Retirees: 6.95% per year. (0.50% higher than the general public)
Super retirees (over 80 years old): 7.05% per year.
Main features and rules of the system
Holding period: The maturity period of this FD is set at exactly 444 days (approximately 14.5 months).
Minimum and maximum amount: Investments in this scheme can start with a retail deposit of Rs 1,000 and the maximum amount must be less than Rs 3 billion.
Who can invest: Ordinary citizens of India, Hindu Undivided Families (HUFs) and Non-Resident Indians (NRIs) are eligible to invest in it.
Interest Payout Options: Investors can choose to pay interest monthly, quarterly, half-yearly or directly at the time of maturity as per their convenience. Credit Facility: If required, the investor can also avail loan or overdraft facility with this FD.
Early exit rules
If you need the money earlier than scheduled and you violate the FD, the bank will charge you a penalty as per the rules.
For amounts below 500,000 rupees: 0.50% fine.
For amounts less than Rs 5 lakh to Rs 3 crore: Penalty of 1.0%.
Special exemption: If the FD is closed within 7 days of booking, no interest is paid. However, bank employees and retirees are exempt from this penalty.
How can I apply?
To avail the benefits of this SBI scheme, investors do not even need to visit the bank, it can also be started online from home:
Through SBI YONO App.
From the official internet banking portal of SBI.
By visiting any SBI branch near you and filling the form.
How much return will you get on FDs of Rs 5 lakh and Rs 10 lakh?
If you invest Rs 5 lakh in SBI’s 444-day ‘Amrit Varshi’ FD, at an annual interest rate of 6.45%, ordinary citizens will earn an interest of approximately Rs 39,800 to Rs 40,000 on maturity, taking the total corpus to around Rs 5.40 lakh; while at 6.95%, senior citizens will earn a total return of Rs 43,000 to Rs 43,200, taking their total corpus to over Rs 5.43 lakh.
An FD of Rs 10 lakh under this scheme, at a compound interest rate of 6.45% per annum, will fetch a net return of approximately Rs 80,000 to Rs 80,500 on maturity for ordinary citizens (total maturity amount will be approximately Rs 10.80 lakh); whereas, at an interest rate of 6.95% per annum, senior citizens will earn a total interest of Rs 86,500 to Rs 87,000, taking their total deposit amount to approximately Rs 10.87 lakh after 444 days.