SBI Amrit Vrishti FD: Invest to get best interest rate; check details
It has introduced a new variant of Retail Term Deposit Scheme ‘‘AMRIT VRISHTI’ for 444 days tenor, which offers higher rate of interest at7.25% p.a. to the Customers. Senior Citizens are being offered 50 basis points more, i.e at 7.75% per annum.
There are different investment schemes through which the State Bank of India (SBI) provides higher interest rate to the investors. It has introduced a new variant of Retail Term Deposit Scheme ‘‘AMRIT VRISHTI’ for 444 days tenor, which offers higher rate of interest at 7.25% p.a. to the Customers. Senior Citizens are being offered 50 basis points more, i.e at 7.75% per annum.
Check the Salient features of SBI Amrit Vrishti FD:
Period of Availability:
- 07.2024 to 31.03.2025
Period of Deposit /Tenor:
- SBI FD tenure ranges from seven days to 10 years.
Eligible Deposits:
- Domestic Retail Term Deposits including NRI Rupee Term Deposits (< Rs 3 crore)
- New and Renewal of existing deposits
- Term Deposit and Special Term Deposit only
Exclusions:
- Other products i.e., Recurring Deposit, Tax Savings Deposits, Annuity Deposits, MACAD, Multi Option Deposits (MODs), Capital Gains Scheme etc.
- NRI Deposits of Staff and Senior Citizens.
Interest Rate:
- 25% P.A.
- 75% P.A. for Senior Citizens
- #Staff and Staff Pensioners are eligible for additional interest rate applicable to these categories of customers.
Payment of Interest:
- Term Deposits – At monthly/ quarterly/half yearly intervals Special Term Deposits- On maturity
- Interest, net of TDS, shall be credited to Customer’s Account
Tax Deduction at Source (TDS):
- At applicable rate as per the provisions of Incometax Act
Nomination facility:
- SBI allows depositors to nominate family members or spouses to collect the maturity money.
Premature Withdrawal:
- For Retail Term Deposits up to Rs 5 lacs, the penalty for premature withdrawal will be 0.50% (all tenors).
- For Retail Term Deposits above Rs 5 lacs but below Rs 3 Crores, applicable penalty will be 1% (all tenors).
- There is no discretion for reduction/waiver of penalty for premature withdrawal of term deposits.
- The interest shall be 0.50% or 1% below the rate applicable on the date of deposit for the period Deposit remained with the Bank or 0.50% or 1% below the contracted rate, whichever is lower for Retail Term Deposits up to Rs 5.00 lacs and above Rs 5.00 lacs respectively.
- However, no interest will be paid on deposits which remained with the bank for a period of less than 7 days.
- No premature penalty will be levied on Staff and SBI Pensioners’ Deposits. Interest rate to be paid on premature withdrawal of Term Deposits by Staff and SBI Pensioners will be same as applicable for the period the Deposit has remained with the Bank.
Loan Facility:
- Available
Available through:
- Branch/INB/YONO Channels
Others:
- No separate product codes are required for AMRIT VRISHTI Deposit. On selection of specific tenor of 444 days in the period of deposits field, system will auto pickup this scheme.
Know the interest rates for 1 year, 3 year, and 5 years:
- For 1 year: SBI gives 7.30 per cent interest rates to senior citizens and 6.80 per cent interest rates to others.
- For 3 year: SBI gives 7.25 per cent interest rates to senior citizens and 6.75 per cent interest rates to others.
- For 3 year: SBI gives 7.50 per cent interest rates to senior citizens and 6.50 per cent interest rates to others.
Know how much money the senior citizens and others will get if invest Rs 8 lakh in 1-5 years tenure?
A senior citizen will get Rs 8,60,018 in one year, Rs 9,92,438 in three years, and Rs 11,59,958 in five years if invested Rs 8 lakh in the SBI Amrit Vrishti FD, while an individual who is not a senior citizen will get Rs 8,55,803 in one year, Rs 9,77,914 in three years, and Rs 11,04,336 in five years.
