Latest SBI Senior Citizen FD Rates: Know what you can get on Rs 4 lakh, Rs 6 lakh, and Rs 8 lakh investments in Amrit Vrishti scheme
For retail term deposits above Rs 5 lakh but below Rs 3 crore, the penalty for premature withdrawal is 1 per cent for all tenors.
The SBI Amrit Vrishti scheme is a 444-day fixed deposit scheme in which senior citizens get a higher rate of interest than general citizens. It is ideal for those who are looking for short-term financial goals. The scheme is open until March 31, 2025, providing a limited opportunity for consumers to earn competitive returns while maintaining the security and dependability of a fixed deposit.
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Tax saving scheme
Under Section 80C of the Income Tax Act, one can take the benefits of up to Rs 1.5 lakh annually on tax-saving FDs.
444 days - Amrit Vrishti scheme
SBI provides 7.75 per cent interest rates to senior citizens on 444 days- Amrit Vrishti scheme.
Who is eligible for SBI Amrit Vrishti scheme
- Domestic retail term deposits including NRI Rupee Term Deposits (< Rs 3 crore).
- New and renewal of existing deposits.
- Term deposit and special term deposit only.
Premature withdrawal rules
For retail term deposits above Rs 5 lakh but below Rs 3 crore, the penalty for premature withdrawal is 1 per cent for all tenors.
Amrit Vrishti scheme: What will you get on Rs 4 lakh investment?
If a senior citizen person invests Rs 4 lakh in Amrit Vrishti scheme, they will get Rs 4,39,718 as the maturity amount. This includes Rs 39,718 as interest.
Amrit Vrishti scheme: What will you get on Rs 6 lakh investment?
If a senior citizen person invests Rs 6 lakh in Amrit Vrishti scheme, they will get Rs 6,59,577 as the maturity amount. This includes Rs 59,577 as interest.
Amrit Vrishti scheme: What will you get on Rs 8 lakh investment?
If a senior citizen person invests Rs 6 lakh in Amrit Vrishti scheme, they will get Rs 8,79,436 as the maturity amount. This includes Rs 79,436 as interest.
Premature withdrawal rules for up to Rs 5 lakh
For Retail Term Deposits up to Rs 5 lakh, the penalty for premature withdrawal is 0.50 per cent for all tenors
SBI FD rate for senior citizens on 1-year FD
SBI gives a 7.30 per cent interest rate to senior citizens on a 1-year FD scheme. If a senior citizen invests Rs 2,00,000 for one year, the maturity amount will be around Rs 2,15,005 including Rs 15,005 interest.
SBI FD rate for senior citizens on 3-year FD
SBI gives a 7.25 per cent interest rate to senior citizens on a 3-year FD scheme. If a senior citizen invests Rs 2,00,000 for three years, the maturity amount will be around Rs 2,14,899 including Rs 14,899 interest.
SBI FD rate for senior citizens on 5-year FD
SBI gives a 7.50 per cent interest rate to senior citizens on a 5-year FD scheme. If a senior citizen invests Rs 2,00,000 for five years, the maturity amount will be around Rs 2,15,427 including Rs 15,427 interest.