SBI Amrit Vrishti Scheme

Scheme Introduction: A Brief Overview

Savings and fixed deposits are often preferred by people who want to keep their money in a relatively stable bank deposit while earning interest over a fixed period. Keeping this need in mind, State Bank of India (SBI) introduced SBI Amrit Vrishti, a special-tenure retail term deposit with a fixed 444-day maturity period. The product was originally launched in 2024 with a higher special interest rate, and the rate has since been revised from time to time. As currently listed by SBI, the 444-day Amrit Vrishti deposit offers 6.45% annual interest for general customers, while eligible senior citizens and super senior citizens can receive higher applicable rates. The deposit is available within SBI's retail term-deposit framework, with deposits below ₹3 crore covered by the applicable product conditions.

Unlike a Central or State Government welfare scheme, SBI Amrit Vrishti is a bank deposit product offered and administered by the State Bank of India. SBI provides the applicable interest rates, deposit rules, premature-withdrawal conditions and booking facilities through its official banking channels. Customers can check the official SBI retail domestic term-deposit interest rates before opening the deposit, as rates can be revised from time to time.

The main attraction of SBI Amrit Vrishti is its fixed 444-day tenure combined with a special interest rate. Customers can choose the applicable term-deposit option, including periodic-interest and cumulative options under SBI's rules. The product also allows eligible customers to open deposits through SBI branches, Internet Banking, YONO SBI and YONO Lite. Premature withdrawal is permitted subject to the applicable SBI penalty rules, and a loan or overdraft against the deposit may also be available under SBI's terms.

Resident customers as well as eligible NRI customers can use the applicable SBI term-deposit facilities, subject to the product and account rules. NRI customers can access the 444-day Amrit Vrishti rate through eligible NRE and NRO term deposits. Senior citizens receive an additional interest benefit under SBI's applicable rules, making the product particularly relevant for customers looking for a short-to-medium-term fixed deposit with a higher senior-citizen rate.

To open SBI Amrit Vrishti, customers can visit an SBI branch or use the bank's digital banking channels. Existing SBI customers can use Internet Banking or YONO to select the applicable 444-day term-deposit option. Customers who need assistance with account opening, KYC, maturity instructions, premature withdrawal or other deposit-related matters can contact SBI through its official customer-service channels or visit their nearest branch.

It is also important to remember that SBI Amrit Vrishti is not a tax-saving FD. Interest earned on the deposit is subject to the applicable income-tax and TDS rules. Customers should therefore check the prevailing tax provisions and the interest rate applicable on the date of booking before investing.

If you are comparing SBI Amrit Vrishti with other savings and investment options, you can also explore the Senior Citizen Savings Scheme (SCSS), which may be relevant for eligible senior citizens looking for a government-backed small-savings option.

Scheme Benefits

SBI Amrit Vrishti offers a fixed-tenure deposit option for customers who want to keep their money invested for 444 days and earn interest at the applicable SBI rate. The main benefits include:

• Customers can earn 6.45% annual interest on the 444-day deposit at the currently applicable general rate.
• Eligible senior citizens can receive a higher interest rate of 6.95% per year.
• Eligible super senior citizens aged 80 years and above can receive up to 7.05% per year under SBI's applicable additional benefit.
• The deposit has a fixed 444-day tenure, allowing customers to plan their savings for a defined period.
• Customers can choose periodic interest payments or a cumulative option, depending on the applicable term-deposit type.
• The deposit can be opened through SBI branches, Internet Banking, YONO SBI and YONO Lite.
• Eligible customers can make a new deposit or renew an existing eligible term deposit under the applicable SBI rules.
• Customers can withdraw the deposit before maturity, subject to SBI's applicable premature-withdrawal penalty and conditions.
• A loan or overdraft facility may be available against the deposit under SBI's applicable rules.
• Eligible NRI customers can also use the Amrit Vrishti 444-day option through applicable NRE and NRO term deposits.
• The deposit is covered by DICGC insurance up to ₹5 lakh per depositor per bank, subject to the applicable DICGC rules.

The applicable interest rate can change over time, so customers should check SBI's latest deposit-rate page before opening the deposit.

SBI Amrit Vrishti Interest Rate

The interest rate is one of the main factors to consider before opening an SBI Amrit Vrishti deposit. The deposit has a fixed tenure of 444 days, while the applicable rate depends on the depositor's category.

The rates shown above are based on the applicable SBI retail deposit rates. Since deposit rates can change, customers should check SBI's latest rate before making a new deposit.

SBI Amrit Vrishti Maturity Amount

The maturity amount depends on the amount deposited, applicable interest rate and the type of term deposit selected. For a simple understanding, the following examples show how a 444-day deposit may grow at the applicable interest rate.

These figures are only illustrative and should not be treated as the exact maturity amount. The actual amount can vary depending on the deposit type, interest-compounding method, payment option and applicable SBI rules.

Loan or Overdraft Against the Deposit

If you need funds during the deposit period, you may not always have to close your SBI Amrit Vrishti deposit. SBI may allow a loan or overdraft against eligible term deposits, subject to its applicable rules and conditions.

• Eligible customers may use their term deposit as security for a loan or overdraft facility.
• The facility can help meet short-term financial needs without immediately closing the deposit.
• The amount that can be sanctioned depends on SBI's applicable lending rules and the value of the deposit.
• Interest is charged on the loan or overdraft as per the applicable SBI rate.
• The availability and terms of the facility may depend on the type of deposit and the customer's account conditions.
• Customers should confirm the applicable loan or overdraft terms with SBI before using this facility.

Eligibility Requirements

SBI Amrit Vrishti is available to customers who are eligible to open the applicable retail term deposit with SBI. Before opening the deposit, customers should make sure they meet the following requirements:

• The applicant must be eligible to open a retail term deposit with State Bank of India.
• Resident customers can open the deposit individually or jointly, subject to SBI's applicable deposit rules.
• Senior citizens aged 60 years and above are eligible for the applicable additional interest benefit.
• Super senior citizens aged 80 years and above can receive the applicable additional interest benefit under SBI Patrons.
• Eligible NRI customers can invest through applicable NRE or NRO term deposits.
• The deposit must be opened for the fixed tenure of 444 days to receive the applicable Amrit Vrishti interest rate.
• The deposit amount must be below ₹3 crore, as Amrit Vrishti is offered under SBI's retail term deposit category.
• Both new deposits and renewal of eligible existing term deposits are allowed under the applicable SBI rules.
• Recurring deposits, tax-saving deposits, annuity deposits, Multi Option Deposits and other excluded deposit products are not covered under Amrit Vrishti.

Required Documents

Opening an SBI Amrit Vrishti deposit requires basic documents for identity verification and account processing. The exact documents may vary depending on the customer type and the mode of application.

• Aadhaar card, PAN card or another valid identity proof accepted by SBI.
• Address proof, if required by SBI for the applicant.
• PAN card or Form 60, as applicable under the bank's rules.
• Recent photograph, where required for the account-opening process.
• For NRI customers, the required NRE or NRO account and KYC documents must be provided.
• For joint deposits, KYC documents of all account holders may be required.

Customers should carry the original documents for verification when applying through an SBI branch. For online applications, SBI may use the KYC details already available with the customer's account.

Steps to Apply

Opening an SBI Amrit Vrishti deposit is fairly simple, and customers can choose the method that suits them best. The deposit is available through SBI branches as well as the bank's digital banking channels.

• For online application, start with YONO SBI and log in using your SBI credentials. The YONO platform provides access to SBI's deposit services, including term deposits.
• After logging in, go to the deposits or term-deposit section and select the option to open a new term deposit. Choose the 444-day tenure; SBI's system is designed to identify Amrit Vrishti when the specific 444-day period is selected.
• Enter the required deposit amount and select the applicable interest-payment option. Review the details shown by SBI before confirming the deposit.
• If you prefer to use Internet Banking, log in to SBI's online banking service and use the term-deposit section to create the deposit for the 444-day tenure.
• Customers who prefer offline banking can visit an SBI branch and ask for the Amrit Vrishti deposit for 444 days. The bank official will guide you through the required form, KYC verification and deposit process.
• Keep your PAN and other KYC documents ready if they are required for verification. For an existing SBI customer, some account and KYC details may already be available with the bank.
• Before submitting the deposit request, check the interest rate, maturity instructions, interest-payment option and premature-withdrawal conditions shown by SBI.
• Once the deposit is successfully opened, keep the deposit receipt or confirmation details safely for future reference.

SBI's official product document confirms that Amrit Vrishti is available through the branch, Internet Banking and YONO channels, and that selecting the 444-day tenure automatically identifies the deposit variant.

SBI Amrit Vrishti Tax and TDS Rules

Interest earned from an SBI Amrit Vrishti deposit is taxable according to the applicable income-tax rules. The deposit should not be treated as a tax-saving fixed deposit simply because it has a special interest rate.

• The interest earned on the deposit is taxable according to the depositor's applicable income-tax rules.
• SBI may deduct TDS when the interest paid or payable crosses the applicable threshold.
• From 1 April 2025, the TDS threshold on bank interest is ₹50,000 for most depositors and ₹1 lakh for senior citizens, subject to the applicable tax rules.
• SBI Amrit Vrishti is not a tax-saving FD under Section 80C.
• The tax payable on the interest depends on the depositor's applicable tax regime, income and other circumstances.
• Customers should check their Form 26AS or Annual Information Statement and the interest certificate provided by SBI while filing their income-tax return.

Tax rules can change, so customers should check the latest information from SBI and the Income Tax Department before making tax-related decisions.

SBI Amrit Vrishti vs Regular SBI FD

SBI Amrit Vrishti is a special-tenure fixed deposit, while a regular SBI FD is available across several deposit periods. The main difference is the fixed 444-day tenure and the special interest rate applicable to Amrit Vrishti.

Amrit Vrishti may suit customers who are comfortable keeping their money invested for exactly 444 days and want the applicable special rate. A regular SBI FD may be more suitable for someone who wants to choose from different tenures based on their financial needs.

Relevant Links

• State Bank of India (SBI) Official Website
• SBI Retail Domestic Term Deposit Interest Rates
• SBI Fixed Deposit Portal
• SBI Amrit Vrishti Product Guidelines
• SBI Customer Care and Grievance Portal
• SBI Contact Centre

Contact Information

For questions about SBI Amrit Vrishti, customers can contact the State Bank of India through its official customer service channels. SBI lists the following contact details for customer assistance:

• Department: Customer Service Department, State Bank of India
• Phone: 1800 1234 / 1800 2100 (Toll Free)
• Email: [email protected]
• Alternative Email: [email protected]
• Address: Customer Service Department, State Bank of India, State Bank Bhavan, 16th Floor, Madam Cama Road, Mumbai – 400021

Customers can also contact their nearest SBI branch for assistance with opening, renewing or managing an Amrit Vrishti deposit.