The State Bank of India (SBI), India’s largest public sector bank, has introduced the Amrit Vrishti Fixed Deposit Scheme, a limited-time offering that promises higher returns compared to regular fixed deposits (FDs). Launched on July 16, 2024, the scheme is available for investment until March 31, 2025.
If you’re looking to make the most of your savings, here’s everything you need to know about the scheme and whether it’s the right choice for you.
SBI’s regular term deposit rates for general customers range between 3.50% and 6.50% per annum, depending on the tenure. Senior citizens enjoy an additional 0.50%, with rates going up to 7.50% per annum.
Under the Amrit Vrishti Fixed Deposit Scheme, the rates are:
For example, investing ₹1 lakh for 444 days (approximately 1.2 years) under this scheme yields:
This makes it an attractive option for investors seeking higher returns compared to standard FDs.
Premature Withdrawal:
Loan Facility:
Interest earned on the deposit is subject to Tax Deducted at Source (TDS), based on the depositor’s income tax slab.
The Amrit Vrishti scheme is ideal for:
However, it’s important to consider:
Investors can open the Amrit Vrishti Fixed Deposit through:
The Amrit Vrishti Fixed Deposit Scheme offers a competitive interest rate and flexible features, making it a good option for those seeking safe and higher returns. Before investing, assess your financial goals, liquidity requirements, and tax implications to make an informed decision.
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