 "SBI, state bank of india")
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The State Bank of India (SBI) has launched a scheme that offers 7.25 per cent interest on deposits for 444 days. ‘Amrit Vrishti’ also offers an additional 0.50 per cent interest rate to senior citizens.
The special fixed deposit (FD) scheme is available for investment until March 31, 2025. “…(Amrit Vrishti) is a new variant of a term deposit scheme, designed to meet the requirements of a diverse range of customers The scheme reflects SBI’s commitment to providing our valued customers with avenues to grow their wealth,” said Dinesh Khara, chairman, SBI.
The key features of the Amrit Vrishti scheme are:
Interest rates
The base interest rate on the Amrit Vrishti FD is 7.25 per cent per annum.
Senior citizens will receive an additional 0.50 per cent interest, bringing the total rate up to 7.75 per cent per annum.
Deposit period
The Amrit Vrishti FD has a fixed deposit period of 444 days.
The scheme will be available from July 15, 2024 to March 31, 2025.
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.
What are excluded
Recurring Deposit, Tax Savings Deposits, Annuity Deposits, MACAD, Multi Option Deposits (MODs), Capital Gains Scheme etc.
NRI Deposits of Staff and Senior Citizens.
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
Premature withdrawal rules
For Retail Term Deposits up to Rs 5 lakh, the penalty for premature withdrawal is 0.50 per cent for all tenors
For Retail Term Deposits above Rs 5 lakh but below Rs 3 crore, the penalty for premature withdrawal is 1 per cent for all tenors
There is no discretion for reducing or waiving the penalty for premature withdrawal.
The interest paid upon premature withdrawal will be either 0.50 per cent or 1 per cent below the applicable rate on the date of deposit, or below the contracted rate, whichever is lower. This applies to deposits up to Rs 5 lakh and above Rs 5 lakh, respectively.
No interest will be paid on deposits that remain with the bank for less than 7 days.
Staff and SBI pensioners’ deposits are exempt from premature withdrawal penalties. The interest rate paid on premature withdrawal for these deposits will be the same as applicable for the period the deposit has remained with the bank.
How to invest
Depositors can invest in Amrit Vrishti through various channels
YONO SBI
YONO Lite (mobile banking apps)
SBI internet banking
The bank’s earlier term deposit scheme (Amrit Kalash) had a tenor of 400 days and offered 7.10 per cent interest.
First Published: Jul 17 2024 | 7:18 PM IST
