State Bank of India launches Amrit Vrishti, a limited period FD with higher interest rate, ET BFSI

The State Bank of India (SBI) has launched a new term limited period deposit scheme known as “Amrit Vrishti”, an FD scheme offering higher interest rates and catering to both domestic and non-resident Indian customers. The new scheme is effective from July 15, 2024.

Also read: Earn up to 7.9% FD rate: These 3 banks have launched limited period special fixed deposits with higher interest rates this week

What is SBI Amrit Vrishti interest rate

The “Amrit Vrishti” scheme comes with an interest rate of 7.25% per annum on deposit of 444 days. In addition, SBI will provide an additional 0.50% on top of it to senior citizens, maximizing returns for this segment of customers. Loan can be availed on these deposits. This special FD can be booked through branch, internet banking, and YONO Channels.

Also read: FD interest rate up to 7.9%: Bank of Baroda launches new special FD scheme offering higher interest rates; Check details

SBI Amrit Vrishti: What is the period of availability

Period of Availability July 15, 2024 to March 31, 2025.

Period of deposit for SBI Amrit Vrishti

444 Days

Eligible fixed deposits

Domestic Retail Term Deposits including NRI Rupee Term Deposits (

Amrit Vrishti: What are excluded

Other products i.e., Recurring Deposit, Tax Savings Deposits, Annuity Deposits, MACAD, Multi Option Deposits (MODs), Capital Gains Scheme etc. Note that NRI Deposits of Staff and Senior Citizens.Payment of Interest

Term Deposits – At monthly/ quarterly/half yearly intervals Special Term Deposits- On maturity
Interest, net of TDS, shall be credited to Customer’s Account.

What are Premature Withdrawal rules for SBI Amrit Vrishti
Premature withdrawal penalties for retail term deposits up to Rs. 5 lakh is 0.50% for all tenors. The relevant penalty for retail term deposits exceeding Rs. 5 lacs but less than Rs. 3 crores will be 1% for each tenor.

There is no discretion for reduction/waiver of penalty for premature withdrawal of term deposits.

According to the SBI website, “The interest shall be 0.50% or 1% below the rate applicable on the date of deposit for the period Deposit remained with the Bank or 0.50% or 1% below the contracted rate, whichever is lower for Retail Term Deposits up to Rs. 5.00 lacs and above Rs. 5.00 lacs respectively. However, no interest will be paid on deposits which remained with the bank for a period of less than 7 days.”

SBI Amrit Kalash
The bank has earlier launched a similar product dubbed as Amrit Kalash with 7.10% for general citizens and 7.60% for senior citizens on 400 days tenure.