State Bank of India (SBI) has recently launched a limited-term deposit scheme called ‘Amrit Vrishti’, offering attractive interest rates to domestic and NRI customers. Previously, SBI introduced schemes such as ‘SBI Amrit Kalash’ for general and senior citizens, and ‘SBI WeCare’ exclusively for senior citizens. The duration of the SBI Amrit Kalash scheme is 400 days, offering an interest rate of 7.10% per annum for general citizens. The last date to invest in this scheme is September 30, 2024.
According to the SBI website, the interest rate of 7.10% in the 400-day special period scheme (Amrit Kalash) has been applicable since April 12, 2023. Senior citizens are receiving an interest rate of 7.60%. This scheme is valid until September 30, 2024.
SBI has introduced the ‘SBI WeCare’ deposit scheme exclusively for senior citizens, offering them an additional interest rate on their deposits. This scheme is valid until September 30, 2024, and provides a 50 basis points (bps) premium over the normal interest rate. It is available for both new deposits and the renewal of maturing deposits.
SBI Amrit Vrishti Interest Rate The Amrit Vrishti scheme offers an interest rate of 7.25% per annum on deposits for 444 days. Senior citizens receive an additional 0.50% interest rate. Loans can also be availed against these deposits. The investment deadline for this scheme is March 31, 2025.
SBI Sarvottam Term Deposit Launched last year, SBI Sarvottam Term Deposit is designed for those who wish to deposit large amounts. It offers higher interest rates than traditional FDs. For a 2-year deposit, the interest rate is 7.4%, and for a 1-year deposit, it is 7.10%. Senior citizens enjoy an additional 50 bps premium, bringing their rates to 7.9% for 2-year deposits and 7.6% for 1-year deposits. The ‘Sarvottam (Non-Callable)’ rate applies only to deposits between Rs 1 crore and Rs 3 crore, with no deadline for investment in this scheme.
SBI Green Rupee Term Deposit The SBI Green Rupee Term Deposit Scheme aims to promote green projects. It offers an interest rate of 6.65% for 1111 and 1777-day deposits and 6.40% for a 2222-day deposit. Senior citizens receive 7.15% for 1111 and 1777 days, and 7.40% for 2222 days. There is no last date for investment in this scheme.
Scheme Last Dates for Investment
- SBI Amrit Kalash: September 30, 2024
- SBI WeCare: September 30, 2024
- SBI Amrit Vrishti: March 31, 2025
- SBI Sarvottam: No Last Date
- SBI Green Deposit: No Last Date
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