SBI Fixed Deposit Scheme “Amrit Vrishti’ Offers 7.25 Interest Rate; 7.75 to Seniors

ENA Sectors 2024-07-18 15:07:19 New Delhi, Jul 18 (KNN) The State Bank of India (SBI), India's largest public sector bank, has introduced a new fixed deposit (FD) scheme named 'Amrit Vrishti'. This special offering, available from July 15, 2024, to March 31, 2025, provides an attractive interest rate of 7.25 per cent per annum for a 444-day tenure. Senior citizens will benefit from an enhanced rate of 7.75 per cent per annum, which includes an additional 0.50 per cent interest. The scheme is open to Domestic Retail Term Deposits and NRI Rupee Term Deposits below Rs 3 crore, accommodating both new deposits and renewals. However, certain deposit types are excluded, such as Recurring Deposits, Tax Savings Deposits, Annuity Deposits, and NRI Deposits of Staff and Senior Citizens. Interest payment schedules vary depending on the deposit type. For standard Term Deposits, interest can be paid monthly, quarterly, or half-yearly, while Special Term Deposits will receive interest upon maturity. The bank has also outlined specific rules for premature withdrawals, with penalties ranging from 0.50 per cent for deposits up to Rs 5 lakh to 1 per cent for larger deposits up to Rs 3 crore. To facilitate easy access, SBI has made the Amrit Vrishti scheme available through multiple digital channels, including the YONO SBI platform, YONO Lite mobile banking app, and SBI's internet banking portal. SBI Chairman Dinesh Khara emphasised the scheme's purpose, stating, Amrit Vrishti is a new variant of a term deposit scheme, designed to meet the requirements of a diverse range of customers. The scheme reflects SBI's commitment to providing our valued customers with avenues to grow their wealth, he added. This new offering builds upon the success of SBI's previous 'Amrit Kalash' scheme, which offered a 7.10 per cent interest rate for a 400-day tenure. With Amrit Vrishti, the bank aims to provide enhanced returns to depositors in the current economic landscape. Potential investors are encouraged to carefully review the detailed terms and conditions, including premature withdrawal rules and interest calculation methods, before participating in the scheme. As with any financial product, it is advisable to consider personal financial goals and circumstances when deciding to invest. (KNN Bureau) 38643 https://knnindia.co.in/news/newsdetails/sectors/sbi-fixed-deposit-scheme-amrit-vrishti-offers-725-interest-rate-775-to-seniors 2024-07-18 15:07:19 knnindia.co.in SBI Fixed Deposit Scheme “Amrit Vrishti’ Offers 7.25 Interest Rate; 7.75 to Seniors