SBI Offering 7.85% FD Interest Under Amrit Vrishti Scheme – Know Benefits & How to Apply

In a strategic move to attract depositors and provide better returns to senior citizens, the State Bank of India (SBI) has launched a special fixed deposit (FD) plan named the Amrit Vrishti Scheme. This exclusive offering stands out by providing an interest rate of up to 7.85% per annum, one of the most attractive rates in the market today. Whether you’re planning for retirement, looking for a secure investment avenue, or just want to make your money work harder for you, this scheme deserves your attention.

Let’s dive into everything you need to know about the SBI Amrit Vrishti FD Scheme — its features, who it’s for, how you can apply, and how it compares to other options.

SBI Offering 7.85% FD Interest Under Amrit Vrishti Scheme

The SBI Amrit Vrishti Fixed Deposit Scheme is an excellent opportunity for individuals, especially senior citizens, to secure high returns with minimal risk. With an interest rate of up to 7.85%, flexible application modes, nomination and loan facilities, and the backing of India’s most trusted bank, this FD plan is a strong contender for your investment portfolio.

If you’re looking for a safe, high-yield, and reliable savings option, the Amrit Vrishti FD is worth considering.

What is the SBI Amrit Vrishti FD Scheme?

The Amrit Vrishti Fixed Deposit Scheme is a special tenure FD introduced by SBI as part of its continued effort to offer rewarding investment products. This FD comes with a unique tenure of 444 days, designed to stand out from regular FD tenures. The scheme offers differentiated interest rates based on the age of the depositor:

• General Public: 7.25% p.a.
• Senior Citizens (60+ years): 7.75% p.a.
• Super Senior Citizens (80+ years): 7.85% p.a.

These rates are effective from January 3, 2025, and could be subject to revision.

Why Should You Consider This Scheme?

In today’s financial landscape, finding a balance between safety, returns, and liquidity can be challenging. Here’s why the Amrit Vrishti FD can be a wise choice:

1. High Interest Rates

Compared to average FD interest rates ranging from 6.5% to 7.5%, SBI’s offering of up to 7.85% is significantly competitive.

2. Ideal for Senior Citizens

Given that many seniors rely on fixed income instruments, the higher rate for those aged 60+ and 80+ offers an added advantage.

3. Assured Returns

Unlike market-linked instruments, FDs offer guaranteed returns with no exposure to market volatility.

4. Backed by SBI

As India’s largest public sector bank, SBI enjoys high trust and credibility, making this scheme a safe investment.

5. Flexible Interest Payout

You can choose to receive interest monthly, quarterly, or at maturity, depending on your income needs.

6. Easy Liquidity

Premature withdrawal is allowed, offering flexibility during emergencies.

7. Nomination & Joint Account Facility

You can add a nominee or open the FD jointly, which helps in seamless transfer in case of unforeseen events.

How to Apply for the SBI Amrit Vrishti FD

SBI has made it easy to invest in this FD through both online and offline channels.

Online Application (Convenient & Quick)

Via SBI YONO App:

1. Log in to your YONO app.
2. Navigate to “Deposits”.
3. Select “Open Fixed Deposit”.
4. Choose the Amrit Vrishti 444-day tenure.
5. Enter amount, choose interest payout option, and confirm.

Via SBI Internet Banking:

1. Log in at www.onlinesbi.com.
2. Go to “Fixed Deposit” tab.
3. Select “e-TDR/e-STDR (FD)”.
4. Choose the 444-day option under Amrit Vrishti.
5. Complete transaction.

Offline Application (For Personal Assistance)

1. Visit your nearest SBI branch.
2. Request an FD form and ask for the Amrit Vrishti option.
3. Fill in details and submit KYC documents.
4. Deposit the amount via cheque/cash.

What Are the Penalties for Premature Withdrawal?

Yes, premature withdrawal is allowed, but penalties apply:

• FDs up to Rs. 5 lakhs: 0.50% interest penalty
• FDs above Rs. 5 lakh and below Rs. 3 crores: 1% interest penalty

So, if liquidity might be a concern, plan your deposit wisely or opt for laddering strategies.

Tax Implications You Should Know

Interest earned on FDs is taxable income under the Income Tax Act, 1961. SBI deducts TDS (Tax Deducted at Source) if the interest exceeds Rs. 40,000 (Rs. 50,000 for senior citizens) in a financial year.

To avoid TDS, eligible investors can submit Form 15G/15H (if applicable).

For more, visit the Income Tax Department’s portal.

How Does It Compare with Other FDs?

As evident, SBI’s Amrit Vrishti FD offers one of the highest rates, especially for super senior citizens.

Useful Tips for Investors

• Ladder Your FDs: Split your investment into multiple FDs with different maturity dates to manage liquidity better.
• Reinvest Interest: Opt for cumulative deposits if you don’t need regular payouts, to maximize returns.
• Use Auto-Renewal: Enable auto-renewal to avoid lapse or missing out on reinvestment.
• Monitor Interest Rate Changes: Check regularly for revised FD rates, especially if planning to renew or invest more.

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FAQs About SBI Amrit Vrishti FD Scheme

Q1: Can NRIs invest in this scheme?

No, currently the Amrit Vrishti FD is available only to resident individuals.

Q2: What happens after 444 days?

On maturity, the FD amount along with interest is credited to your account. You can also choose to auto-renew.

Q3: Is the interest rate fixed?

Yes, the interest rate remains fixed once the FD is booked.

Q4: Can I take a loan against this FD?

Yes, SBI allows loans against FDs, typically up to 90% of the FD value.

Q5: Is it safe to invest in this FD?

Yes, SBI is backed by the Government of India and falls under DICGC insurance cover of up to Rs. 5 lakh per depositor.

Q6: Can I open this FD jointly?

Yes, joint FD accounts are allowed with one or more individuals.