India's largest public sector lender State Bank of India has reintroduced the Amrit Vrishti FD Scheme from 15 April 2025, but lowered the interest rates that the bank had first offered in 2024.
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India's largest public sector lender State Bank of India has reintroduced the Amrit Vrishti FD Scheme, effective from 15 April 2025. The bank has however introduced the 444-Day Tenor with a revised interest rate.
The specific tenor scheme of “444 days” (Amrit Vrishti) at Rate of Interest 7.05 % is effective from 15th April 2025 and Senior Citizens are offered a Rate of interest 7.55%. Super Senior Citizens are offered a Rate of Interest 7.65%.” w.e.f. 15.04.2025, said the SBI website.
State Bank had in 2024 introduced a new variant of Retail Term Deposit Scheme ‘‘AMRIT VRISHTI’ for 444 days tenor, giving higher rate of interest of 7.25% p.a. to the general Customers. Senior Citizens were being offered 50 basis points more, ie 7.75% p.a.
SBI Amrit Vrishti scheme enables the customers to lock in their investments for a specific tenor to maximise returns. Depositors can invest in Amrit Vrishti through various convenient channels - SBI branches, YONO SBI and YONO Lite (mobile banking apps), and SBI internet banking (INB). This ensures flexibility and caters to both online and offline transactions.
Domestic Retail Term Deposits including NRI Rupee Term Deposits (< Rs 3 crore)
ii) New and Renewal of existing deposits iii) Term Deposit and Special Term Deposit only Exclusions: i) Other products i.e., Recurring Deposit, Tax Savings Deposits, Annuity Deposits, MACAD, Multi Option Deposits (MODs), Capital Gains Scheme etc. ii) NRI Deposits of Staff and Senior Citizens.
i) Term Deposits – At monthly/ quarterly/half yearly intervals Special Term Deposits- On maturity
ii) Interest, net of TDS, shall be credited to Customer’s Account
i) For Retail Term Deposits up to Rs.5 lacs, the penalty for premature withdrawal will be 0.50% (all tenors). ii) For Retail Term Deposits above Rs.5 lacs but below Rs. 3 Crores, applicable penalty will be 1% (all tenors).
No premature penalty will be levied on Staff and SBI Pensioners’ Deposits. Interest rate to be paid on premature withdrawal of Term Deposits by Staff and SBI Pensioners will be same as applicable for the period the Deposit has remained with the Bank.
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