If you are interested in earning interest income by depositing money in a bank for a specified period, you should consider the Amrit Vrishti Scheme from the State Bank of India (SBI). This special deposit has an investment term of 444 days, which is equivalent to 14.5 months.
Under this scheme, ordinary citizens receive an annual interest rate of 6.45%, senior citizens receive 6.95%, and super senior citizens over 80 years old receive 7.05% per annum.
The interest rate for the SBI Amrit Vrishti FD scheme varies depending on the age of the depositor. For regular citizens, the return is 6.45% per annum; for middle-aged citizens, it is 6.95% per annum; and for super senior citizens (over 80 years old), it is 7.05% per annum.
The validity period of this program is 444 days, which is approximately equal to 14 months and 19 days. Under the retail deposit, a minimum amount of 1000 rupees can be deposited, provided the total investment does not exceed 3 crore rupees.
Ordinary Indian citizens, unregistered Hindu Undivided Families (HUF), and Non-Resident Indians (NRI) can invest in this scheme, subject to meeting the relevant eligibility criteria.
The depositor has the option to choose the interest payout method according to their needs. Interest can be paid monthly, quarterly, semi-annually, or upon maturity. If necessary, a loan or overdraft facility against the FD may also be available, but this requires reviewing the bank's current rules and terms.
If the money is needed before the 444 days expire, the deposit can be closed prematurely. However, the bank may apply a penalty according to its rules. The penalty is 0.50% for deposits up to 5 lakh rupees, 1% for deposits from 5 lakh to 3 crore rupees, and no interest is accrued if closed within 7 days of opening. Bank employees and pensioners are exempt from penalties upon early termination of the FD.
To participate in this program, it is not necessary to visit a bank branch. Eligible customers can open an FD under the Amrit Vrishti scheme using the SBI YONO application or the official SBI internet banking service.
When depositing 5 lakh rupees for 444 days, the estimated interest income may look like this:
If you deposit 10 lakh rupees in this scheme, the approximate amount you might receive after 444 days could be as follows:
It is important to remember that these amounts are only estimates. The actual interest and maturity amount may vary depending on the chosen interest payout option, bank calculations, and applicable terms. Before investing, it is strongly recommended to confirm the current interest rates and program availability at SBI.