SBI Amrit Varshti Scheme: Interested persons can invest in the scheme in various ways.
SBI Amrit Varshti Scheme is a term deposit plan with a tenure of 444 days.
To provide an attractive savings opportunity to customers, State Bank of India (SBI) has introduced a limited term fixed deposit scheme, Amrit Varshti. is Launched on July 16, this unique scheme offers competitive interest rates and special benefits for senior citizens. It is open to both domestic and non-resident Indian (NRI) users.
What is SBI Amrit Varshti Scheme?
Amrit Varshti Scheme is one. Term Deposit Plan with a tenure of 444 days and offers an annual interest rate of 7.25%. Senior citizens can enjoy a higher rate of 7.75%. Designed to meet the needs of a diverse customer base, the scheme combines flexibility with attractive returns.
Eligibility Criteria
The scheme applies to:
- Domestic retail term deposits (including NRI term deposits of Rs.) below Rs.3 crore.
- New deposits as well as renewal of existing deposits.
- Both term deposits and special term deposits.
Emissions:
The scheme does not cover recurring deposits, tax saving deposits, annuity deposits, multi-option deposits (MODs), capital gain schemes, or NRI deposits of SBI staff and senior citizens.
Key Features
Minimum Deposit: Rs 1,000 (No Upper Limit).
Interest Rate of SBI Amrit Varshti Scheme
Regular customers: 7.25% p.a.
– Senior citizens: 7.75% per annum.
Interest Payment Options:
Term Deposits: Monthly, quarterly, or half-yearly intervals.
Special period deposits: At maturity.
Premature withdrawal conditions
For premature withdrawal, the penalty rates are as follows:
- Deposit up to Rs.5 lakh: 0.50% penalty.
- Deposits more than Rs.5 lakh and less than Rs.3 crore: 1% penalty.
- No interest is paid on deposits withdrawn before seven days. However, SBI staff and pensioners are exempted from the penalty, and they receive interest applicable on the original term of the deposit.
Tax Implications of SBI Amrit Varshti Scheme
Interest earned on fixed deposits under this scheme is subject to tax deduction at source (TDS) based on the income tax slab of the depositor.
Loan facility
Customers can avail loans against deposits under this scheme.
How to invest in SBI Amrit Varshti Scheme?
Investments can be made through a number of channels, including:
- SBI Branches
- Mobile banking apps (YONO SBI and YONO Lite).
- SBI Internet Banking (INB).
- The bank system will automatically apply the scheme on selecting the 444 day period, so no separate product code is required.
SBI Amrit Varshti Scheme Calculator
Investment Details:
Investment Amount: Rs.1,00,000
For Senior Citizens:
- Interest Earned: Rs.9,787.04
- Maturity Amount: Rs.1,09,787.04
For general citizens:
- Interest earned: Rs 9,133.54
- Maturity Amount: Rs.1,09,133.54
Is it right for you? Should you invest in SBI Amrit Varshti Scheme?
Amrit Varshti Scheme is ideal for those who have short-term financial goals due to its 444-day tenure. However, it lacks renewal options at the same rate, making it less suitable for long-term wealth creation. Consumers with a horizon of more than a decade may want to explore alternative investment options.
SBI Amrit Varshti Scheme Last Date
The scheme is open till March 31, 2025, offering a limited window for customers to avail competitive returns with the safety and reliability of fixed deposits.
For more details, visit your nearest SBI branch or explore digital banking options through SBI’s platforms.
Disclaimer: The opinions and investment tips of the experts in this News18.com report are their own and not those of the website or its management. Readers are advised to consult qualified experts before making any investment decision.