In a significant move to benefit senior citizens, the State Bank of India (SBI) has launched the “Amrit Vrishti” Fixed Deposit (FD) scheme, offering an attractive 7.75% interest rate. This limited-period scheme presents a great opportunity for retirees and senior citizens looking to grow their savings securely.
With inflation and economic uncertainties, having a high-interest FD is a smart way to generate a stable passive income. Whether you are planning for retirement, medical expenses, or just want to secure better returns on your savings, this scheme can be a game-changer.
SBI’s New Fixed Deposit Scheme
| Feature | Details |
|---|---|
| Scheme Name | SBI Amrit Vrishti Fixed Deposit |
| Interest Rate | 7.25% (General Public) & 7.75% (Senior Citizens) |
| Tenure | 444 days |
| Eligibility | Domestic term deposits & NRI rupee term deposits (below Rs. 3 crore) |
| Deposit Type | Term Deposits & Special Term Deposits |
| Premature Withdrawal Penalty | 0.50% for deposits up to Rs. 5 lakh; 1% for deposits above Rs. 5 lakh |
| Availability Period | July 15, 2024 – March 31, 2025 |
| Where to Apply | SBI Branches, Internet Banking, YONO App |
| Official Website | SBI Official Website |
SBI’s Amrit Vrishti Fixed Deposit scheme is a golden opportunity for senior citizens looking for high returns with low risk. With a 7.75% interest rate, short 444-day tenure, and safe investment, this FD is an excellent choice for securing your financial future.
Why SBI’s Amrit Vrishti FD is a Golden Opportunity for Senior Citizens
1. Competitive Interest Rate
SBI’s 7.75% interest rate is one of the highest in the banking sector, making it a top choice for senior citizens. Most regular FDs offer interest rates between 6-7%, but this scheme provides an extra boost, ensuring higher earnings over time.
For example, if a senior citizen deposits Rs. 10 lakh, they will receive Rs. 83,750 in interest earnings after 444 days. This is Rs. 5,000 to Rs. 10,000 higher than many other FDs in the market.
2. Short-Term Yet Profitable
Unlike long-term deposits that lock funds for 5+ years, the 444-day tenure offers a perfect balance between liquidity and profitability.
- If you want to reinvest after maturity, you can explore new interest rates.
- If you need funds earlier, SBI allows premature withdrawals with minimal penalties.
3. Safe & Risk-Free Investment
Fixed Deposits are among the safest investment options, backed by India’s leading bank. Unlike stocks or mutual funds, where returns fluctuate, an FD guarantees fixed returns, making it ideal for retirees looking for financial security.
4. Easy to Apply
SBI makes it simple to open an Amrit Vrishti FD through multiple channels:
- SBI Branch: Visit your nearest SBI branch with KYC documents.
- Internet Banking: Apply directly through SBI’s online banking platform.
- SBI YONO App: Open an FD from your mobile phone in just a few clicks.
How Does SBI’s Amrit Vrishti FD Compare to Other Banks?
| Bank | Senior Citizen FD Interest Rate |
|---|---|
| SBI | 7.75% |
| HDFC Bank | 7.50% |
| ICICI Bank | 7.60% |
| Punjab National Bank | 7.25% |
| Bank of Baroda | 7.50% |
Clearly, SBI leads the market with its 7.75% rate, making it an attractive choice for senior investors.
see also: Start Investing with Just ₹500 and Build Wealth Over Time
Step-by-Step Guide to Opening an SBI Amrit Vrishti FD
Step 1: Decide Your Investment Amount
Before opening the FD, determine how much you want to invest. The scheme is ideal for deposits under Rs. 3 crore.
Step 2: Choose Your Mode of Application
- Offline: Visit the nearest SBI branch and fill out the FD application form.
- Online: Log in to SBI Net Banking or the YONO App.
Step 3: Submit KYC Documents
SBI अकाउंट रखने वालों के लिए बड़ी खुशखबरी, इन 7 शानदार बेनिफिट्स को जानकर अभी खोलेंगे खाता
For first-time investors, you’ll need:
- Aadhaar Card
- PAN Card
- Senior Citizen Proof (if applicable)
- Address Proof
Step 4: Choose Your FD Type
Decide between Term Deposit (TD) or Special Term Deposit (STD).
Step 5: Deposit Funds
Transfer the amount via cheque, cash, or online transfer.
Step 6: Get Confirmation
Once processed, you’ll receive an FD receipt or e-certificate with maturity details.
see also: Important Information for FD Investors
FAQs About SBI’s Amrit Vrishti FD
1. What happens if I withdraw my FD before 444 days?
A penalty of 0.50% (up to Rs. 5 lakh) and 1% (above Rs. 5 lakh) is applicable.
2. Can NRIs apply for this scheme?
Yes, NRI rupee term deposits below Rs. 3 crore are eligible.
3. Is this FD taxable?
Yes, interest earnings above Rs. 40,000 (Rs. 50,000 for seniors) are subject to TDS under Indian tax laws.
4. Can I take a loan against this FD?
Yes, SBI allows loans and overdrafts against this FD.
