SBI Bank has introduced a new term deposit – “Amrit Vrishti,” with 7.25% annual interest on 444-day deposits.
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SBI Amrit Vrishti FD – Details
SBI Amrit Vrishti ( Term Deposit) is available from 15th July 2024 to 31st March 2025. The special deposit scheme investment tenure is 444 days. The annual Interest rate is 7.25%. Senior citizens will get 0.5% extra.
| 1. | Scheme | SBI Amrit Vrishti ( Term Deposit) |
| 2. | Period of Availability | 15.07.2024 to 31.03.2025 |
| 3. | Period of Deposit /Tenor | 444 Days |
| 4. | Which deposits are eligible for transfer | i) Existing Fixed Deposits 2) NRI Rupee Term Deposit (< Rs 3 crore) ii) New and Renewal of existing deposits iii) Term Deposit and Special Term Deposit only Exclusions: Money can’t be transferred from i) Recurring Deposit, Tax Savings Deposits, Annuity Deposits, MACAD, Multi Option Deposits (MODs), Capital Gains Scheme etc ii) NRI Deposits of Staff and Senior Citizens. |
SBI Vrishti Term Deposit – Interest Rate
The Vrishti Deposit Interest rate is 7.25% per annum. Senior Citizens will get 7.75% per annum.
#Staff and Staff Pensioners are eligible for additional interest rate applicable to these categories of customers.
How the interest will be paid?
The interest will be credited at the maturity of term deposit. The interest net of TDS ( TDS will be deducted) will be credited to customer account.
Tax Deduction at Source (TDS)
TDS will be deducted at applicable rate as per the provisions of Income-tax Act
Premature Withdrawal
Premature Withdrawal is possible with a penalty. For Deposits up to Rs.5 lacs, Penalty is 0.5%.
For Retail Term Deposits above Rs.5 lacs (but below Rs. 3 Crores) penalty is 1% (all tenors).
If you opt to withdraw before completion of 7 days, no interest will be paid.
Loan
Customers can take loans on ther term deposits.
Where to buy – SBI Vristhi FD
Customers can purchase Amrit Vristhi Yojana from SBI Bank branch, Net Banking, YONO Channels.
