SBI’s special 444-day FD: How much interest will you earn on a deposit of ₹2 lakh?
If you are hesitant about investing in the stock market, the 'Amrit Vrishti' fixed deposit (FD) scheme from the State Bank of India (SBI) could be a good option for you. In this scheme, funds are deposited for a period of 444 days. General citizens receive an annual interest rate of 6.45%, while senior citizens get 6.95%. If you are planning to invest ₹2 lakh in this scheme, it is useful to know what your total amount could be upon maturity.
Investments in this FD can start from as little as ₹1,000. The tenure is approximately 14 months and 19 days, meaning you do not have to lock away your money for a very long period. However, the actual return on the FD will also depend on the interest payout option chosen. Below, you can find the estimated returns on an investment of ₹2 lakh, along with the key rules associated with the scheme.
What returns can you expect on a deposit of ₹2 lakh?
The interest earned on a ₹2 lakh deposit in the SBI Amrit Vrishti scheme depends on the investor's age and the applicable interest rate. Based on annual interest rates of 6.45% and 6.95% for a 444-day tenure, the estimates are as follows:
Investment General Citizen Senior Citizen
Deposit Amount ₹2,00,000 ₹2,00,000
Annual Interest Rate 6.45% 6.95%
FD Tenure 444 days 444 days
Estimated Interest ₹16,189 ₹17,486
Total Amount at Maturity ₹2,16,189 ₹2,17,486
Additional Interest (vs. General Citizens) — ₹1,297
These estimates are based on annual interest rates of 6.45% and 6.95% for 444 days, with interest compounded quarterly. The final amount may vary based on the bank's calculations and the chosen payout option. Consequently, senior citizens may earn approximately ₹1,300 more in interest compared to general customers. Please note that these are estimated figures; verify the maturity amount using SBI’s official calculator before booking the fixed deposit (FD).
'Amrit Vrishti' FD: Tenure and Investment Rules
According to a Moneycontrol report, this scheme involves a deposit tenure of 444 days. The minimum investment amount is ₹1,000, while the limit for retail deposits is less than ₹3 crore. Different interest rates apply to general customers and senior citizens. Eligible Indian residents, Hindu Undivided Families (HUFs), and NRIs can invest in this scheme, subject to the prescribed rules.
Interest payout options may include monthly, quarterly, half-yearly, or at-maturity payments. The total amount received may vary depending on the chosen option. If needed, the facility to obtain a loan or an overdraft against the FD is also available.
Penalty for Premature Withdrawal
If you require funds before the completion of the 444-day tenure, a penalty may be applied upon the closure of the FD, in accordance with the bank's rules. As per the provided information, a penalty of 0.50% applies to deposits up to ₹5 lakh, while a 1% penalty applies to amounts ranging from ₹5 lakh to less than ₹3 crore. No interest is paid if the FD is closed within seven days. Certain categories, such as bank employees and pensioners, may be eligible for exemptions. Therefore, before investing, ensure that you will not need these funds over the next 14–15 months.
How to Open an SBI Special FD from Home?
You can open an 'Amrit Vrishti' FD using the SBI YONO app or through internet banking. Additionally, you can also book a fixed deposit (FD) by visiting a nearby SBI branch. Before investing, be sure to check the bank's website or app for details regarding scheme availability, current interest rates, rules for premature withdrawal, and the maturity amount.
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