SBI Special FD Scheme: Here's what PSU bank is giving on Rs 1 lakh to Rs 10 lakh investments to senior citizens and others on 444-day Amrit Vrishti scheme
SBI Amrit Vrishti Scheme Premature Withdrawal: There will be a penalty of 0.50 per cent for retail term deposits of up to Rs 5 lakh, and a 1 per cent penalty above Rs 5 lakh to below Rs 3 crore. However, there will be no premature penalty for SBI pensioners and staff.
Banks provide special fixed deposits (FDs) and regular FDs. Special FD schemes offer higher interest rates than standard FDs. These FDs can be for specific tenures and may have certain conditions, like minimum investment or eligibility criteria. Many PSU banks provide special FDs, and in this article, we will discuss SBI's Amrit Vrishti scheme- a 444-day FD scheme and its features.
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What is the SBI Amrit Vrishti Scheme?
It is a retail term deposit scheme and has only one tenure, 444 days. The scheme provides a 7.55 per cent interest rate to senior citizens and a 7.05 per cent interest rate to general citizens.
How to invest in theAmrit Vrishti scheme?
You can invest by visiting an SBI branch, or you can deposit money through internet banking and the YONO app.
Is premature withdrawal possible?
Yes, but there will be a penalty of 0.50 per cent for retail term deposits of up to Rs 5 lakh, and a 1 per cent penalty above Rs 5 lakh to below Rs 3 crore. However, there will be no premature penalty for SBI pensioners and staff.
Minimum and maximum deposit
Minimum Rs 1,000 is required to deposit under Amrit Vrishti scheme, and there is no maximum investment limit.
SBI Amrit Vrishti interest rate
Senior citizen: 7.55%
General citizen: 7.05%
Maturity amount on Rs 2 lakh investment
If a senior citizen invests Rs 2,00,000 in the Amrit Vrishti scheme, they will get Rs 2,18,515 on maturity, while others will get Rs 2,17,280 on maturity.
Maturity amount on Rs 4 lakh investment
If a senior citizen invests Rs 4,00,000 in the Amrit Vrishti scheme, they will get Rs 4,37,030 on maturity, while others will get Rs 4,34,560 on maturity.
Maturity amount on Rs 6 lakh investment
If a senior citizen invests Rs 6,00,000 in the Amrit Vrishti scheme, they will get Rs 6,55,546 on maturity, while others will get Rs 6,51,840 on maturity.
Maturity amount on Rs 8 lakh investment
If a senior citizen invests Rs 8,00,000 in the Amrit Vrishti scheme, they will get Rs 8,74,061 on maturity, while others will get Rs 8,69,121 on maturity.
Maturity amount on Rs 10 lakh investment
If a senior citizen invests Rs 10,00,000 in the Amrit Vrishti scheme, they will get Rs 10,921,577 on maturity, while others will get Rs 10,86,401 on maturity.