SBI FD interest rate up to 7.75%: State Bank of India launches Amrit Vrishti, a limited period FD with higher interest rate
The State Bank of India (SBI) has launched a new term limited period deposit scheme known as "Amrit Vrishti", an FD scheme offering higher interest rates and catering to both domestic and non-resident Indian customers. The new scheme is effective from July 15, 2024.#sr_widget.onDemand p, #stock_pro.onDemand p{font-size: 14px;line-height: 1.28;} .onDemand .live_stock{left:17px;padding:1px 3px 1px 5px;font-size:12px;font-weight:600;line-height:18px;top:9px} #sr_widget.onDemand .sr_desc{margin:0 auto 0;} #sr_widget.onDemand .sr_desc{color: #024d99;margin-top:10px;} #sr_widget.onDemand .crypto .live_stock .lb-icon{8px 6px 5px 3px !important} #sr_widget.crypto.onDemand a.text{border-bottom:1px solid #ccc;padding-bottom:5px;display:block;width:100%} #sr_widget.onDemand .sr_desc .text p, #stock_pro.onDemand .sr_desc .text p{font-size:12px;font-weight:400;} Latest SBI FD interest rates: State Bank of India hikes fixed deposit rates by up to 75 bps
SBI Amrit Vrishti
The "Amrit Vrishti" scheme comes with an interest rate of 7.25% per annum on deposit of 444 days. In addition, SBI will provide an additional 0.50% on top of it to senior citizens, maximizing returns for this segment of customers. Loan can be availed on these deposits.This special FD can be booked through branch, internet banking, and YONO Channels
What is the period of availability
Period of Availability July 15, 2024 to March 31, 2025.
Period of deposit
444 Days
Eligible deposits
Domestic Retail Term Deposits including NRI Rupee Term Deposits (
What are excluded
Other products i.e., Recurring Deposit, Tax Savings Deposits, Annuity Deposits, MACAD, Multi Option Deposits (MODs), Capital Gains Scheme etc. Note that NRI Deposits of Staff and Senior Citizens.
Payment of Interest
Term Deposits – At monthly/ quarterly/half yearly intervals Special Term Deposits- On maturityInterest, net of TDS, shall be credited to Customer’s Account.What are Premature Withdrawal rules for SBI Amrit Vrishti
Premature withdrawal penalties for retail term deposits up to Rs. 5 lakh is 0.50% for all tenors. The relevant penalty for retail term deposits exceeding Rs. 5 lacs but less than Rs. 3 crores will be 1% for each tenor.
There is no discretion for reduction/waiver of penalty for premature withdrawal of term deposits.
According to the SBI website, “The interest shall be 0.50% or 1% below the rate applicable on the date of deposit for the period Deposit remained with the Bank or 0.50% or 1% below the contracted rate, whichever is lower for Retail Term Deposits up to Rs. 5.00 lacs and above Rs. 5.00 lacs respectively. However, no interest will be paid on deposits which remained with the bank for a period of less than 7 days.”
Amrit Kalash
The bank has earlier launched a similar product dubbed as Amrit Kalash with 7.10% for general citizens and 7.60% for senior citizens on 400 days tenure.
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This story originally appeared on: India Times - Author:Faqs of Insurances
