State Bank of India (SBI), the country’s largest public sector bank, offers a special fixed deposit scheme called Amrit Vrishti. With a tenure of 444 days, the scheme is designed for investors looking for fixed returns over a defined period.
The scheme offers different interest rates for regular customers and senior citizens. Investors can choose their preferred interest payout option and may also be eligible for a loan or overdraft against their fixed deposit, subject to the bank’s terms and conditions.
SBI Amrit Vrishti FD: Interest Rates and Key Features
The interest rates listed for the SBI Amrit Vrishti scheme vary according to the investor’s category.
| Investor category | Annual interest rate |
|---|---|
| General public | 6.45% |
| Senior citizens | 6.95% |
| Super senior citizens aged above 80 | 7.05% |
The key features of the scheme include:
- Deposit period: 444 days, or approximately 14.5 months.
- Minimum investment: ₹1,000.
- Maximum investment: Less than ₹3 billion, according to the provided information.
- Eligible investors: Indian residents, Hindu Undivided Families (HUFs) and Non-Resident Indians (NRIs), subject to applicable bank rules.
- Interest payment options: Monthly, quarterly, half-yearly or at maturity, depending on the available deposit terms.
- Loan facility: A loan or overdraft may be available against the FD, subject to SBI’s conditions.
Investors should confirm the current interest rates, eligibility requirements and deposit limits with SBI before opening an account.
Premature FD Closure and Applicable Penalties
If an investor needs to withdraw the money before the scheduled maturity date, SBI’s premature closure rules may apply. The penalty depends on the deposit amount and the bank’s applicable terms.
According to the information provided, the penalty structure is as follows:
- Deposits below ₹5 lakh: A penalty of 0.50%.
- Deposits from ₹5 lakh to ₹3 crore: A penalty of 1%.
The provided information also states that no interest is paid if the FD is closed within seven days of booking. Bank employees and retirees are mentioned as exceptions to the penalty provision.
Since premature withdrawal conditions can vary according to the bank’s current rules and the deposit category, customers should check the applicable terms before closing an FD early.
How to Open an SBI Amrit Vrishti FD Online
Eligible customers can explore the scheme through SBI’s digital banking services or by visiting a branch.
- SBI YONO app: Log in and check the fixed deposit options available to you.
- SBI Internet Banking: Visit the official SBI internet banking portal and follow the available FD booking process.
- SBI branch: Visit a nearby branch and complete the required application formalities.
Before confirming the deposit, review the interest rate, maturity date, payout preference and premature withdrawal conditions.
How Much Can You Earn on ₹5 Lakh and ₹10 Lakh?
The estimated returns below are based on the interest rates provided for the 444-day deposit. Actual maturity amounts may differ depending on the interest calculation method, payout option, applicable terms and tax deductions.
Returns on a ₹5 Lakh FD
| Investor category | Interest rate | Approximate interest | Approximate maturity amount |
|---|---|---|---|
| General public | 6.45% | ₹39,800–₹40,000 | ₹5.40 lakh |
| Senior citizens | 6.95% | ₹43,000–₹43,200 | More than ₹5.43 lakh |
Returns on a ₹10 Lakh FD
| Investor category | Interest rate | Approximate interest | Approximate maturity amount |
|---|---|---|---|
| General public | 6.45% | ₹80,000–₹80,500 | Approximately ₹10.80 lakh |
| Senior citizens | 6.95% | ₹86,500–₹87,000 | Approximately ₹10.87 lakh |
These figures are indicative estimates from the supplied information, not guaranteed maturity quotations. Investors should use SBI’s official FD calculator or contact the bank to obtain an accurate estimate for their chosen deposit and interest payout option.
Disclaimer: This article is intended for general informational purposes and should not be considered financial or investment advice. Interest rates, deposit limits, eligibility rules, premature withdrawal penalties and maturity proceeds are subject to SBI’s applicable terms and may change. Please verify the latest scheme details through official SBI channels before investing.