What interest rates are offered under this scheme?

Under this scheme, general customers get an interest rate of 7.25% per annum, while senior citizens receive a higher rate of 7.75% per annum, thanks to an extra 0.50% benefit.

Who can invest in the scheme and what is the deposit limit?

The scheme is available to resident individuals, including NRIs with rupee term deposits. The minimum deposit amount is ₹1,000, and the maximum limit is just under ₹3 crore. However, it does not apply to recurring deposits, tax-saver FDs, or annuity deposits.

Until when can I invest in the Amrit Vrishti Scheme?

You can invest in this scheme until 31st March 2025. It was launched on 15th July 2024, and it’s a limited-period offer, so early investment is advisable.

What about premature withdrawal and TDS?

Premature withdrawal is allowed but comes with a penalty—0.50% for deposits up to ₹5 lakh and 1% for deposits above ₹5 lakh. No interest is paid if withdrawn before 7 days. Also, interest earned is subject to TDS as per income tax rules.

Who can invest in the scheme and what is the deposit limit?

The scheme is available to resident individuals, including NRIs with rupee term deposits. The minimum deposit amount is ₹1,000, and the maximum limit is just under ₹3 crore. However, it does not apply to recurring deposits, tax-saver FDs, or annuity deposits.

Until when can I invest in the Amrit Vrishti Scheme?

You can invest in this scheme until 31st March 2025. It was launched on 15th July 2024, and it’s a limited-period offer, so early investment is advisable.

What about premature withdrawal and TDS?

Premature withdrawal is allowed but comes with a penalty—0.50% for deposits up to ₹5 lakh and 1% for deposits above ₹5 lakh. No interest is paid if withdrawn before 7 days. Also, interest earned is subject to TDS as per income tax rules.

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The SBI Amrit Vrishti Scheme: Meaning, Last Date To Apply, & Calculation Of Interest

Q: What is the SBI Amrit Vrishti Scheme?

The SBI Amrit Vrishti Scheme is a special fixed deposit scheme launched by the State Bank of India, offering a high interest rate for a specific tenure of 444 days. It is available for a limited time and is open to both new deposits and renewals.

Pragya Pathak

Author

Updated: 28-01-2025 at 7:29 AM

The SBI Amrit Vrishti Scheme: Meaning, Last Date To Apply, & Calculation Of Interest

Financial security is one of those things mentioned on everybody’s list as everyone desires to feel safe and secure when it comes to money. To achieve the same, there are innumerable ways and options offered by both, public and private sector institutions like banks, financial institutions, post offices, private companies, etc.. The State Bank of India has introduced one such way.

The State Bank of India introduced a saving scheme called the SBI Amrit Vrishti scheme through which people can deposit a set amount for a fixed time and gain maximum returns. It is a fixed deposit scheme but what sets it apart from other such saving or fixed deposit schemes is that it offers additional benefits specifically to senior citizens including Non-Resident Indians (NRIs).

What Is The SBI Amrit Vrishti Scheme?

The State Bank of India launched the SBI Amrit Vrishti scheme which is a fixed deposit scheme with a set limited time. People can deposit their money in the scheme for approximately 444 days with an annual rate of interest of 7.25%. However, the annual rate of interest for all the senior citizens depositing their money in the fixed deposit scheme is increased by 7.75%.

Details Of The Fixed Deposit Scheme

Some key features of the SBI Amrit Vrishti scheme outline its goals. Some of its key features are mentioned below in brief for one’s reference.

Amount of deposit

People are required to deposit a minimum amount of Rs. 1000, there is no limit on the maximum amount that can be deposited.

Rate of Interest

The rate of interest for the SBI Amrit Vrishti scheme differs as per the categories of people depositing money in the govt scheme:

For general people: 7.25% per annum
For senior citizens: 7.75% per annum

Payment of Interest

There are time-based options available that people can opt for their respective interest payments:

For term deposits: Monthly, quarterly, or half-yearly period.
For special term deposits: Interest payments can only be done on the maturity of the fixed deposit account.

Conditions for premature withdrawal

If for some reason, accountholders would like to opt for premature withdrawal, they can do so but some penalty rates would be deducted from the whole deposited amount. It is to be noted that some people like SBI employees and pensioners are exempted from these penalties and can opt for premature withdrawals without having to pay any penalties.

Deposits of up to Rs. 5 lakh: Penalty of 0.50%
Deposits ranging from 5 lakh to 3 crore: Penalty of 1%
Deposits withdrawn within a week: No interest is paid.

Tax

Only the amount of interest incurred on the whole deposited amount is subjected to tax deductions.

Loan

People can request loan facilities under the SBI Amrit Vrishti scheme and take loans for whatever reasons they require.

What Is The Last Date For Investing In The SBI Amrit Vrishti Scheme?

People can invest in the fixed deposit scheme till March 31st, 2025 after which no one would be able to register and invest in the govt scheme. Therefore, it is advised to everyone interested in investing in the SBI Amrit Vrishti scheme to do so before the deadline.

How Can One Invest In The SBI Amrit Vrishti Scheme?

One can invest their money in the fixed deposit scheme in several ways as per their convenience:

By visiting the branches of the State Bank of India.
Through mobile apps of SBI like YONO SBI (android and iOS).
Through SBI’s official website.

SBI Amrit Vrishti Scheme Calculator

The total amount with the incurred interest is calculated and given upon the maturity of the fixed deposit scheme. The SBI Amrit Vrishti scheme calculation can be broken down as follows:

Suppose the total amount that you invested in the scheme is around Rs. 1,00,000. The rate of interest would be added as per the category you fit in such as:

For senior citizens: The rate of interest is set at 7.75%. The interest rate would come to around Rs. 9,787 which would then be added to the whole amount of deposit (1,00,000 + 9787). The total amount which the person will then receive would amount to Rs. 1,09,787.
For people: The rate of interest is set at 7.25%. The interest rate would come to around Rs. 9,133 which would then be added to the whole amount of deposit (1,00,000 + 9133). The total amount which the person will then receive would amount to Rs. 1,09,133.

Conclusion

The SBI Amrit Vrishti Scheme is a very safe and secure investment option for both, people and senior citizens. Ensure that you apply to the government yojana after reading every detail concerning it before the last date.

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