State Bank of India (SBI) India’s largest Public Sector Bank again launched an attractive scheme called the “AMRIT VRISHTI Fixed Deposit scheme” on 15th July 2024. This is in continuation of the existing Fixed Deposit Scheme, “Amrit Kalash”.
This scheme is launched along with the existing Amrit Kalash Fixed Deposit scheme in the same category.
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About the Amrit Vrishti Fixed Deposit Scheme :
This is a Term Deposit scheme re-started on 15th July’24 with a higher interest rate than on other deposits. It targets customers who can lock their investments for a specified period. The scheme matures within 15 months.
The investment can be made at the Branch or on the YONO platform.
Basic Details of Amrit Vrishti Fixed Deposit Scheme:
The basic details of both schemes are as below :
|
Scheme |
Start Date | End Date | Period | Interest | Senior Citizen |
Remarks |
| Amrit Kalash | 12-Apr-23 | 30-Sep-24 | 400 Days | @ 7.10% | Int. @ 7.60% | Started Earlier |
| Amrit Vrishti | 15-Jul-24 | 31-Mar-25 | 444 Days | @ 7.25% | Int. @ 7.75% | Started Now |
Other related information on the Amrit Vrishti Fixed Deposit schemes:
- The deposits eligible are less than ₹ 2 Crores. It includes new deposits as well as renewed deposits.
- The SBI staff is eligible for an additional rate of interest.
- The interest will be paid at Monthly / Quarterly (3m) / half-yearly (6m) intervals or on the maturity of the deposit, based on the option selected by the depositor.
- The TDS will be deducted from the interest under section 194A of the Income Tax Act. The depositor can submit the respective forms, 15H/15G to the bank to avoid the TDS & pay tax thereon at the time of filing of their Income Tax returns.
- Premature withdrawal is available as the the rules of the Bank.
- The Loan Facility is available on the Amount Deposited.
What interval for interest is to be selected?
The longer the interest payout of interest, the Higher the returns on investment.
The interest on Fixed Deposits always gets Quarterly compounded. It means the interest accrued in the quarter if not paid, will again get reinvested. And the next interest is calculated on the amount including this reinvested interest.
You can click here for the document from SBI.
You can click here for the Deposit interest calculator.
