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SBI Launches 14.5-Month Special Scheme Offering High Returns on FD
Sentiment: NeutralMedium Priority
What Happened?
The State Bank of India (SBI) has introduced the Amrit Vrishti Scheme, a fixed deposit option with a tenure of 444 days, offering competitive interest rates for various age groups.
Key points
- The Amrit Vrishti Scheme has a tenure of 444 days (approximately 14.5 months).
- Interest rates are 6.45% for general citizens, 6.95% for senior citizens, and 7.05% for super senior citizens (over 80 years).
- Minimum investment starts at ₹1,000, with a maximum of ₹3 crore.
- Eligible investors include Indian citizens, Hindu Undivided Families (HUF), and Non-Resident Indians (NRI).
- Interest can be paid monthly, quarterly, semi-annually, or at maturity.
- Early withdrawal incurs penalties: 0.50% for deposits up to ₹5 lakh and 1% for deposits between ₹5 lakh and ₹3 crore.
Key insights
- The scheme could attract more investors due to its higher interest rates compared to traditional savings accounts.
- Senior citizens may benefit significantly from the higher interest rates offered.
- The flexibility in interest payment options may appeal to a wider range of investors.
Why it matters
This scheme offers a competitive investment option for individuals looking to grow their savings.
Entities
State Bank of India· OrganizationAmrit Vrishti Scheme· Product
Source
India Today
