SBI Amrit Vrishti
Introduction
India’s largest Public sector bank, State Bank of India (SBI) has launched a new Fixed Deposit (FD) scheme I.e. SBI Amrit Vrishti.
Earlier, SBI introduced a special Fixed Deposit scheme of SBI Amrit Kalash for 400 days. Later on, this bank launched another scheme with fixed tenures of 1111 days, 1777 days, and 2222 days i.e. SBI Green Deposit Scheme.
Now, let’s see How much amount can be deposited in the new scheme, How much interest can be earned, How this Amrit Vrishti FD scheme is different from the regular FD scheme, and a lot more.!!
Let’s get started..!!
Overview of Amrit Vrishti SBI
| S.No. | Particulars | Description |
|---|---|---|
| 1. | Scheme Name | SBI Amrit Vrishti |
| 2. | Launched by | State Bank of India (SBI) |
| 3. | Period of Scheme | 15.07.2024 to 31.03.2025 |
| 4. | Type of scheme | Domestic Retail Term Deposit Scheme + NRI Rupee Term Deposit Scheme |
| 5. | Maximum Deposit | less than Rs.3 Crores |
| 6. | Interest rate | 7.25% – General citizens & 7.75% – Senior citizens and SBI staff and staff pensioners. |
| 7. | TDS | Applicable as per Income Act act, 1961 |
| 8. | Pre Mature Withdral | Available |
| 9. | Loan | Available |
What is Amrit Vrishti SBI?
SBI Amrit Vrishti Scheme is a retail term deposit scheme.
Under this newly launched scheme, SBI customers can deposit a lumpsum amount and should hold this deposit for a fixed period of 444 days.
How the SBI Amrit Vrishti scheme different from a Regular Fixed Deposit scheme..!!
Generally, if you create a Regular Fixed Deposit (FD), the Interest rates vary depending on your chosen period.
Simply, How long you hold the deposit (i.e. Period of deposit) in a regular FD is completely the customer’s choice.
Coming to, SBI Amrit Vrishti, the Interest rate & the Period, both are constant. The only thing you can choose is the Amount of deposit.
So, let’s check how much interest you can earn?
SBI Amrit Vrishti FD Interest rates
Under this 444-day FD scheme, the State Bank of India (SBI) offers a 7.25% rate of interest per annum to the General citizens. However, the Senior citizens and SBI staff and staff pensioners will be offered with 7.75% rate of interest.
The earned interest will be paid at Monthly, Quarterly, and at Semi-Annual intervals and also at the time of Maturity.
Is there any limit on the amount of the deposit?
Keep on reading..!!
SBI Amrit Vrishti Minimum deposit
The State Bank of India does not mention the Minimum deposit one can make. However, you can make a Minimum deposit of Rs.1,000 through this SBI Amrit Vrishti scheme.
SBI Amrit Vrishti Maximum deposit
The Maximum amount to deposit in SBI Amrit Vrishti is up to Rs.3 crores only. The SBI Customers can make Domestic Retail Term Deposits including NRI Rupee Term Deposits.
I have an SBI Savings bank account, Can I deposit in this scheme.!!
Who is Eligible for SBI Amrit Vrishti
SBI Amrit Vrishti scheme is eligible for regular retail investors including Senior citizens. Therefore, SBI Customers with a Regular Savings bank account can open this fixed deposit in their name.
Will I get any tax implications on my Interest portion?
Let’s see..!!
SBI Amrit Vrishti TDS applicability
The Tax deducted at source (TDS) will be applicable as per the Income-tax Act,1961 and your interest portion will be credited to the customer account after deducting the applicable TDS.
If the interest paid to the regular citizens by the bank is more than Rs.40,000, then 10% TDS will be deducted. For senior citizens, a 10% TDS will be deducted if the interest earned amount exceeds Rs.50,000.
Banks will deduct the TDS portion and will pay you only the balance interest portion.
SBI Amrit Vrishti Premature Withdrawal
Can I withdraw the money deposited amount before 444 days period..!!
In case you money requirement, you can prematurely withdraw the amount deposited in Amrit Vrishti SBI. The terms and conditions applicable on Retail term deposit will be applicable as follows.
| S.No. | For Retail Term Deposits | Penalty for Premature Withdrawal |
|---|---|---|
| 1. | Up to Rs.5 lacs | 0.50% (For all Tenors) |
| 2. | Above Rs.5 lacs but Below Rs. 3 Crores | 1% (For all Tenors) |
Loan Facility
SBI customers can avail Loan facility on the amount they deposited in Amrit Vrishti. To avail loan on this deposit, it is better to contact your home branch.
Moreover, you can deposit this new term deposit in SBI branches or through Internet banking or Yono banking.
Also Read:
SBI Amrit Vrishti Scheme Last date
The SBI Amrit Vrishti scheme is available from 15th July 2024 to 31st March 2025 only.
Therefore, the late date to deposit your lump sum amount in the Amrit Vrishti SBI scheme is available till 31st March 2025 only.
SBI Amrit Vrishti vs SBI FD: Which is better?
I want to create a new Fixed Deposit in SBI, then, Which FD is better..!!
SBI Amrit Vrishti scheme & Regular Fixed deposit scheme are both Fixed deposit schemes only. The former is the Fixed deposit scheme and the latter is a regular deposit scheme.
The regular FD scheme of SBI offers retail term deposits with a 3.50-7.00% rate of interest for a period ranging from 7 days to 10 years to regular citizens (on average) and 3.50-7.50% interest to Senior citizens (on average).
If you want to earn a 7% rate of interest through regular fixed deposits, you have to hold your deposit for at least a 2-3 year term. i.e. for 730 to 1095 days.
Whereas, in the SBI Amrit Vrishti deposit scheme, the Regular citizen can earn almost 7.25% interest within 1 year 2.5 months (approx) i.e. 444 days period.
Therefore, if you are a deposit holder, who wants to make a fixed deposit under Rs.3 crores can deposit some portion of your money in this Amrit Vrishti deposit SBI as you get more interest in a lesser period.
Conclusion
SBI Customers who have a huge amount in hand can try this Highest Fixed deposit scheme for sure. I highly recommend this scheme.
If you cannot wait for the long term, this SBI Amrit Vrishti SBI scheme is not for you.
Frequently Asked Questions
1. What is the SBI Amrit Vrishti scheme?
The SBI Amrit Vrishti Scheme is a Retail term deposit scheme that allows its customers to invest a lump sum amount. The scheme requires a fixed deposit period of 444 days, allowing customers to earn 7.25% interest for Regular citizens and 7.75% interest for Senior citizens for a limited period.
2. What is the Interest rate for SBI Amrit Vrishti FD?
The State Bank of India (SBI) is offering a 444-day Fixed Deposit (FD) scheme with a 7.25% per annum interest rate for general citizens.
Senior citizens and SBI staff, including pensioners, can enjoy a higher rate of 7.75% per annum.
The Interest earned can be paid out monthly, quarterly, semi-annually, or at maturity, providing flexibility for depositors.
3. What is the SBI Amrit Vrishti Minimum deposit limit?
The State Bank of India does not mention the Minimum deposit one can make. However, you can make a Minimum deposit of Rs.1,000 through this SBI Amrit Vrishti scheme.
4. What is the SBI Amrit Vrishti Maximum deposit limit?
The Maximum amount to deposit in SBI Amrit Vrishti is up to Rs.3 crores only. The SBI Customers can make Domestic Retail Term Deposits including NRI Rupee Term Deposits.
5. What is SBI Amrit Vrishti Scheme Last date
The SBI Amrit Vrishti scheme is offered for a limited period from July 15, 2024, until March 31, 2025. Accordingly, the last date to invest a lump sum in this scheme is March 31, 2025, beyond which the opportunity will expire.
Thanks for your time, my dear folks 🙂
