SBI Amrit Vrishti Scheme : The country’s largest public sector bank, State Bank of India (SBI), is giving its customers an opportunity to get the best returns in a short time. SBI Bank recently launched the ‘Amrit Vrishti Scheme’.
This limited-period fixed deposit scheme was launched on 16 July 2024. Investors can invest in the scheme till 31 March 2025. The aim of this scheme is to give returns to customers at competitive interest rates.
What is SBI Amrit Vrishti Scheme?
This is a term deposit scheme, whose period is 444 days. Under the scheme, general customers will get an interest rate of 7.25% per annum and senior citizens will get 7.75% per annum. Both domestic and non-resident Indians (NRIs) can avail the benefits of this scheme.
Terms of SBI Amrit Vrishti Scheme
Domestic Retail Term Deposits (including NRI Rupee Term Deposits) amounting to less than Rs 3 crore.
Applicable on new deposits and renewal of existing deposits.
This scheme can be applicable in term deposits and special term deposits.
This will not be applicable on recurring deposits, tax saving deposits, annuity deposits and multi-option deposits.
Benefits of the scheme
You can invest a minimum of Rs 1,000 in the scheme. There is no maximum investment limit.
How and when will I get the interest?
Term Deposit : Interest is paid on monthly, quarterly or half-yearly basis.
What will happen if money is withdrawn prematurely from Amrit Vrishti Scheme?
For deposits up to ₹5 lakh: 0.50% penalty.
For deposits above ₹5 lakh and less than ₹3 crore: 1% penalty.
No interest on deposits withdrawn before seven days.
There is a waiver on penalty for SBI staff and pensioners.
Loan facility
Tax: TDS will be deducted on the interest earned.
Can I take a loan against this scheme?
Under this scheme, loan can be taken on the deposited amount.
How to invest?
Customers can invest through these mediums
Through SBI branch.
YONO SBI and YONO Lite mobile apps.
SBI Internet Banking (INB).
If you select a period of 444 days, the bank will automatically implement this scheme.
Is this plan right for you?
Amrit Vrishti Yojana is the best option for short term savings. Especially considering the period of 444 days. However, this scheme will not be suitable for long term investment as there is no option to renew the interest rate.
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