If you are planning to invest your savings in a fixed deposit and want predictable returns, SBI’s Amrit Vrishti special FD scheme may be worth considering. The scheme comes with a fixed investment period of 444 days and offers different interest rates for general investors, senior citizens and super senior citizens.
Senior citizens receive a higher interest rate than regular depositors. For those considering an investment of ₹1 lakh, the expected interest and maturity amount can help in understanding the potential returns. Here is a look at the scheme’s interest rates, key features and online account-opening process.
SBI Amrit Vrishti FD Interest Rates and Returns on ₹1 Lakh
Under the 444-day Amrit Vrishti FD scheme, the annual interest rate is 6.45% for general investors. Senior citizens are eligible for 6.95%, while super senior citizens aged 80 years or above receive an interest rate of 7.05%.
The estimated returns on a deposit of ₹1 lakh are as follows:
| Investor category | Annual interest rate | Estimated interest | Maturity amount |
|---|---|---|---|
| General citizens (under 59 years) | 6.45% | ₹8,094.36 | ₹1,08,094.36 |
| Senior citizens (60 years or older) | 6.95% | ₹8,742.92 | ₹1,08,742.92 |
| Super senior citizens (80 years or older) | 7.05% | ₹8,873.00 | ₹1,08,873.00 |
Based on these estimates, a general investor could earn around ₹8,094 in interest on a ₹1 lakh deposit. The estimated interest rises to approximately ₹8,743 for senior citizens and ₹8,873 for investors aged 80 years or above.
The actual maturity value may vary according to SBI’s interest calculation method and the applicable terms and conditions.
Key Features of SBI Amrit Vrishti FD
The Amrit Vrishti scheme allows customers to begin investing with a minimum deposit of ₹1,000. The maximum investment limit is stated to be ₹3 crore.
Another feature is the option to obtain a loan against the fixed deposit, subject to the bank’s rules. Investors can receive their funds after completing the 444-day tenure.
Customers should also be aware of the conditions for premature withdrawal. SBI may apply a penalty or reduce the applicable interest rate, with the stated penalty ranging from 0.50% to 1%, depending on the relevant rules and conditions.
How to Open SBI Amrit Vrishti FD Online
Customers do not necessarily need to visit an SBI branch to open this fixed deposit. The account can be opened through the SBI YONO app or internet banking.
Follow these steps:
- Open the SBI YONO app or visit SBI Internet Banking.
- Log in using your banking credentials.
- Go to the option for opening a new fixed deposit.
- Select Amrit Vrishti FD from the available schemes.
- Enter the amount you want to invest along with the required details.
- Check the deposit tenure and applicable interest rate.
- Confirm the details and complete the application.
After the process is completed, the newly opened FD details will be available in your SBI account.
Disclaimer: This article is for general informational purposes only and should not be considered financial or investment advice. Interest rates, maturity values, eligibility and withdrawal conditions may change according to SBI’s latest rules. Please check the bank’s official website or contact an SBI branch for the latest terms before investing.