SBI's new FD offers more interest rate than its Amrit Kalash scheme; know its features and returns on Rs 5 lakh and Rs 10 lakh investments

SBI, the country's largest public sector bank, has introduced a new term deposit scheme called "Amrit Vrishti" for its customers. Both domestic and non-resident customers can take advantage of this scheme, which offers attractive interest rates on term deposits.

Key Features and Benefits

Interest Rates:
The "Amrit Vrishti" scheme, effective from July 15, 2024, offers an attractive interest rate of 7.25% per annum on deposits of 444 days. Additionally, senior citizens will receive an extra 0.50% interest rate, making it a highly appealing option for older investors.

Investment Channels:
Customers can invest in the "Amrit Vrishti" scheme through various channels, including the nearest SBI branch, SBI YONO, Yono Lite, and SBI's Internet Banking (INB) platform. This flexibility ensures that customers can conveniently access and manage their investments.

Scheme Duration:
The "Amrit Vrishti" scheme is available for investment until March 31, 2025. This provides ample opportunity for retail investors to capitalise on the high interest rates offered by SBI.

Official Statement

Expressing his views on the launch, Dinesh Khara, Chairman of SBI, said, "We are happy to launch 'Amrit Vrishti', a new version of the fixed deposit scheme designed to meet the needs of different types of customers. This scheme reflects SBI's commitment to providing our valued customers with opportunities to increase their wealth."

How much return will you get in 5 years on an investment of Rs 5 lakh?

On an investment of Rs 5 lakh, you will receive a total amount of Rs 7,16,130 after 5 years.

How much return will you get in 5 years on an investment of Rs 10 lakh?

On an investment of Rs 10 lakh, you will receive a total amount of Rs 14,32,261 after 5 years.

The "Amrit Vrishti" scheme by SBI stands as an attractive opportunity for both domestic and non-resident customers to earn significant returns on their term deposits. With its competitive interest rates and convenient investment channels, this scheme is poised to benefit a wide range of investors.

SBI Amrit Kalash FD scheme 

The State Bank of India (SBI) also recently launched a new retail term deposit scheme called 'Amrit Kalash', offering a 7.10% interest rate for a deposit period of 400 days. This scheme is open to domestic retail term deposits, including NRI Rupee Term Deposits under Rs 2 crore, and is available for both new and renewal deposits as Term Deposit and Special Term Deposit. Senior citizens, staff, and staff pensioners are eligible for additional interest rates. Interest on Term Deposits is payable at monthly, quarterly, or half-yearly intervals, while for Special Term Deposits, it is paid on maturity. The interest, after deducting TDS, will be credited to the customer’s account.