State bank Of India is offering a Special FD Scheme, You will Get the Best Interest in Just 444 days

SBI Amrit Vrishti FD Scheme : The country’s largest public sector bank, State Bank of India (SBI) is offering ‘Amrit Vrishti Scheme’ to its customers. 

This is a special fixed deposit scheme, which is giving customers an opportunity to earn returns at good interest rates in a short time. This scheme started on 16 July 2024 and one can invest in the scheme till 31 March 2025.

What is SBI Amrit Vrishti Scheme?

This is a term deposit scheme, whose period is 444 days. That is, the money will be invested in it for 44 days.

• General customers will get 7.25% annual interest.
• Senior citizens will get the benefit of 7.75% interest rate.
• Domestic and NRI customers can avail the benefits of this scheme.

Terms and Conditions of the Scheme

• This scheme will be applicable to those fixed deposits whose investment amount is less than ₹ 3 crore.
• This rule may also apply to new deposits and renewal of existing deposits.
• This will not be applicable on Recurring Deposits, Tax Saving Deposits, Annuity Deposits and Multi-Option Deposits.

Benefits of the scheme

• The minimum investment amount is ₹1,000.
• There is no maximum investment limit.
• Interest will be paid on monthly, quarterly or half-yearly basis.
• Rules for withdrawing money before time
• 0.50% penalty on deposits up to ₹5 lakh.
• 1% penalty on deposits ranging from ₹5 lakh to ₹3 crore.
• No interest will be given if money is withdrawn before 7 days.
• There is a waiver on penalty for SBI staff and pensioners.

Loan and tax facility

Under this scheme, loan can be taken on the deposited amount.

TDS will be deducted on interest.

How to invest?

Customers can invest through SBI branches, YONO SBI and YONO Lite mobile apps or internet banking. This scheme will be automatically implemented when a 444-day period is selected.

Is this plan right for you?

Amrit Vrishti Scheme is an excellent option for those who want to save money and have good returns in the short term. However, it will not be suitable for long term investment as there is no interest rate renewal facility in it.

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