SBI Amrit Vrishti Scheme: Last Date, Eligibility, Interest Rate, How to Apply and Benefits

The SBI Amrit Vrishti Scheme is a special 444-day fixed deposit (FD) offered by the State Bank of India for retail investors. The scheme provides competitive SBI Amrit Vrishti interest rates, flexible interest payout options and a loan facility against the deposit. 

SBI Amrit Vrishti Scheme Overview

What is the SBI Amrit Vrishti FD Scheme?

The SBI Amrit Vrishti Scheme is a special retail fixed deposit (FD) scheme offered by the State Bank of India with a fixed tenure of 444 days. It is suitable for investors looking for fixed returns over a 444-day investment period.

SBI Amrit Vrishti Scheme Details

The SBI Amrit Vrishti Scheme offers:

• Competitive interest rates
• Multiple interest payout options
• A loan facility against the deposit
• The flexibility of premature withdrawal with applicable penalties

The table below provides the key details of the SBI Amrit Vrishti Scheme.

SBI Amrit Vrishti Scheme Interest Rate

The SBI Amrit Vrishti interest rates vary depending on the investor category.

Note: Interest payouts are available monthly, quarterly, half-yearly, or at maturity depending on the deposit type.

SBI Amrit Vrishti Scheme Last Date

The SBI Amrit Vrishti Scheme was launched in July 2024 and has subsequently been extended by SBI. Since the bank may revise or discontinue the scheme periodically, investors should check the latest notification on the SBI website before investing.

SBI Amrit Vrishti Scheme Eligibility

The SBI Amrit Vrishti Scheme is available to eligible retail term deposits and certain NRI rupee term deposits. 

I. Eligibility Criteria

• Domestic retail term deposits, including NRI rupee term deposits less than Rs. 3 crore 
• New and renewal of existing deposits
• Term deposit and special term deposit

II. Exclusions 

• Recurring deposits 
• Tax savings deposits 
• Annuity deposits 
• Motor Accident Claims Annuity Deposits (MACAD) 
• Multi Option Deposits (MODs) 
• Capital gains scheme
• NRI deposits of staff and senior citizens

SBI Amrit Vrishti Scheme for Senior Citizens

The SBI Amrit Vrishti interest rate for senior citizens is 6.95% p.a. Senior citizens also receive preferential rates over regular customers under this scheme.

How to Invest in SBI Amrit Vrishti Scheme?

You can invest in the SBI Amrit Vrishti Scheme online through Internet Banking or the YONO app, or by visiting your nearest SBI branch. The application process for each mode is explained below.

I. Internet Banking

• Log in to SBI Net Banking by entering your credentials. 
• Click on the ‘Deposit & Investment’ tab and select ‘Deposit’. 
• Click on the ‘Fixed Deposit’ option.
• Select the type of deposit account and click ‘Proceed’.
• Choose the account from which money has to be debited to the FD account.
• Enter the FD principal value, select the term deposit options, select the tenure of deposit as ‘Days’ and enter ‘444’ under the number of days, choose the maturity instruction, accept the terms and conditions and click the ‘Submit’ button to invest in SBI Amrit Vrishti scheme. 

Please note that when you enter the days of the deposit as ‘444’, the bank will automatically open the SBI Amrit Vrishti scheme term deposit account.

II. YONO App

• Download and log in to the YONO SBI app.
• Click ‘Deposits’ and select the ‘Fixed Deposits’ option.
• Click on the ‘Open Fixed Deposits’ button.
• Enter the required details and click ‘Next’. Ensure that the tenure of deposits is entered as ‘444’ days to open the SBI Amrit Vrishti scheme account.
• Review the details, tick the terms and conditions and click ‘Confirm’.

III. Visiting Bank Branch

• Visit the nearest SBI branch.
• Obtain the FD opening form from the branch officials.
• Enter the details on the form. Enter the tenure of deposits as ‘444’ days.
• Submit the form to the bank branch officials.

SBI Amrit Vrishti Scheme Benefits

Some of the SBI Amrit Vrishti Scheme's key benefits are listed below.

• Suitable for investors looking for a fixed-return investment over a short tenure of 444 days.
• Provides guaranteed returns, as the interest rate remains fixed for the entire deposit tenure.
• Offers higher returns than SBI's regular fixed deposits of comparable tenure (subject to the prevailing interest rates).
• Allows investors to access funds through a loan against the deposit without breaking the FD, subject to SBI's terms and conditions.
• Gives flexibility to choose how the interest is received based on individual cash flow requirements.

The SBI Amrit Vrishti Scheme is a special 444-day fixed deposit designed for investors looking for stable returns with flexible interest payout options. Before investing, individuals must check the latest SBI Amrit Vrishti interest rates and scheme availability. 

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