India’s largest Public Sector Bank, the State Bank of India (SBI), has come out with yet another attractive Fixed Deposit scheme, called the Amrit Vrishti Scheme. The scheme launched on 16th July 2024, is a limited-period FD scheme that provides investors with the opportunity of getting high returns in just 444 days.
SBI Amrit Vrishti Scheme interest Rate | 444 Days Fixed Deposit interest Rate
An SBI Amrit Vrishti Scheme is a special fixed deposit of 444 days duration with the following interest setup:
- 7.25% p.a. for general customers
- 7.75% p.a. for senior citizens
The scheme is available to resident Indians and NRIs alike, making this very flexible considering the range of potential investors.
Key Features of the SBI Amrit Vrishti Scheme
Eligibility:
- An eligible individual would include residents, HUFs, and NRIs (NRE/NRO accounts).
- Applicable for deposits below ₹3 crore.
Investment Range:
- Minimum deposit: ₹1,000
- No maximum deposit.
Interest Payout Options:
- Monthly
- Quarterly
- Half-yearly
Premature Withdrawal Penalties:
- 0.50% penalty on deposits below ₹5 lakh
- 1.0% penalty on deposits above ₹5 lakh but below ₹3 crore
- There is no interest if the deposit is prematurely withdrawn within seven days.
- This rule may be waived for SBI Staff and Pensioners.
Loan Facility:
- The option of a loan against the deposit is available.
- Tax Implications:
- Tax Deducted at Source would apply on interest earnings as per the income tax rules.
How-to-Invest procedure in the SBI Amrit Vrishti Scheme?
Investment can be done through:
- Offline in SBI branches
- YONO SBI & YONO Lite Mobile Apps
- SBI Internet Banking (INB)
This scheme will be applied automatically by the bank to any deposit in the case of selecting 444 days tenure.
Is the SBI Amrit Vrishti Scheme Right for You?
This scheme primarily benefits short-term investors, who are looking for higher returns in a limited amount of time. However, since interest rates here are fixed and cannot be renewed, this scheme is not suitable for longer-term financial goals.
Frequently Asked Questions (FAQs)
-
Are senior citizens offered higher interest rates under this scheme?
Yes, senior citizens earn 7.75% p.a. as opposed to the 7.25% for common investors.
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Can I make an online application for the SBI Amrit Vrishti Scheme?
Certainly! You can invest via the SBI YONO app or internet banking.
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Is there a loan available against this FD?
Yes, you can apply for a loan against your deposit by visiting your nearby SBI branch.
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Can NRIs invest in the scheme?
Yes, NRIs with NRE/NRO accounts can enter this scheme.
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What is the minimum investment limit?
An investment can be made with as low as ₹1,000, which makes it accessible to all investor levels.
Conclusion
SBI Amrit Vrishti Scheme is a suitable place for short-term investors who would want higher returns on their money than regular FDs offer. This scheme could be an excellent option for your capital if you are looking for a pretty safe yet high-returning opportunity to grow your money in less than 14 months.