SBI Amrit Vrishti Scheme – Returns On Rs 1 L, Rs 2 L, Rs 4 L, Rs 6 L Deposits?

The State Bank of India (SBI) has introduced a special Retail Term Deposit Scheme called Amrit Vrishti, designed to offer a higher rate of interest compared to regular fixed deposits. Under this scheme, the general public can earn an annual interest rate of 7.25 per cent, while senior citizens enjoy a higher rate of 7.75 per cent per annum. This scheme is aimed at providing better returns for depositors looking for a safe investment option with guaranteed earnings.

Eligibility and Deposit Amount

• The SBI Amrit Vrishti scheme is applicable for deposit amounts of less than Rs. 3 crores. It covers the following types of deposits:
• Domestic Retail Term Deposits & NRI Rupee Term Deposits
• New Deposits & Renewal Deposits
• Term Deposits & Special Term Deposits only
• However, certain products are not eligible under this scheme. These include:
• Recurring Deposits
• Tax Savings Deposits
• Annuity Deposits
• MACAD (Multi-Account Credit Against Deposit)
• Multi Option Deposits (MODs)
• Capital Gains Scheme
• NRI Deposits of Staff and Senior Citizens

Premature Withdrawal Penalty

For depositors who may need to withdraw their funds before maturity, SBI has set specific penalties:
For Retail Term Deposits up to Rs. 5 lakh: 0.50% penalty across tenures
For Retail Term Deposits above Rs. 5 lakh but below Rs. 3 crore: 1% penalty across tenures

Loan Facility

SBI offers a loan facility against the deposit under the Amrit Vrishti scheme, subject to applicable margins. This allows depositors to access liquidity without breaking their fixed deposits, ensuring they continue to earn interest while meeting financial needs.

Frequency of Interest Payment

The interest payment depends on the type of deposit:
Term Deposits: Interest is paid at monthly, quarterly, or half-yearly intervals.
Special Term Deposits: Interest is paid on maturity.
The interest amount, net of TDS (Tax Deducted at Source), is credited directly to the depositor's account.

Scheme Validity and Access

The SBI Amrit Vrishti scheme is a limited-period offer, available from July 15, 2024, to March 31, 2025. It comes with a fixed tenure of 444 days. Customers can open the FD account through various channels, including:

SBI Branch Banking

Internet Banking
SBI YONO Mobile App

Interest Calculation for Different Deposit Amounts

The returns from this scheme vary based on the deposit amount and the category of the depositor:

How Much Interest Will You Earn On Rs 1 Lakh Deposit?

Deposit Amount - Rs 1,00,000 lakh
General public - Rs 1,09,266
Senior citizen - Rs 1,09,930

How Much Interest Will You Earn On Rs 2 Lakh Deposit?

Deposit Amount - Rs 2,00,000 lakh
General public - Rs 2,18,532
Senior citizen - Rs 2,19,859

How Much Interest Will You Earn On Rs 4 Lakh Deposit?

Deposit Amount - Rs 4,00,000 lakh
General public - Rs 4,37,064
Senior citizen - Rs 4,39,718

How Much Interest Will You Earn On Rs 6 Lakh Deposit?

Deposit Amount - Rs 6,00,000 lakh
General public - Rs 6,55,597
Senior citizen - Rs 6,59,577

Is SBI Amrit Vrishti Scheme Better Than Regular FD Rates?

One of the key factors for investors consider before investing in any scheme is whether this scheme offers better returns than SBI's regular fixed deposit rates. With interest rates of 7.25 per cent for the general public and 7.75 per cent for senior citizens, Amrit Vrishti provides a competitive edge over standard FDs, which generally offers interests in the range of 3.50 per cent to 6.50 per cent for general public, and 4.00 per cent to 7.50 per cent for senior citizens.

For those seeking a secure investment with higher returns for a medium-term duration, the SBI Amrit Vrishti scheme provides a lucrative opportunity. However, before investing, depositors should compare it with other available fixed deposit schemes and evaluate their financial needs.