SBI Bank: State Bank of India (SBI) has ended its popular Amrit Kalash Fixed Deposit (FD) scheme as of April 1, 2025.
Previously, the scheme offered 7.10% annual interest for regular customers and 7.60% for senior citizens on a 400-day FD, making it one of the most attractive options in the market.
This change comes as the Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC) meeting is approaching, leading many banks to revisit their FD schemes.
Several banks have already reduced interest rates on FDs or discontinued special FD schemes.
Banks Reducing FD Interest Rates
Several major banks, including HDFC Bank, Yes Bank, Bank of Baroda, and Punjab & Sind Bank, have already lowered their FD rates, indicating a larger trend in the industry.
SBI’s New Offer: Amrit Vrishti FD
For those who missed the Amrit Kalash FD, SBI has introduced a new scheme called the Amrit Vrishti FD.
This is a 444-day term deposit offering 7.25% annual interest for general customers, 7.75% for senior citizens, and 7.85% for super senior citizens (those above 80 years old). These rates are effective from January 3, 2025.
What is the SBI Amrit Vrishti Scheme?
This scheme is a fixed deposit with a term of 444 days, meaning the money is invested for approximately 14 months.
General customers: 7.25% annual interest.
Senior citizens: 7.75% annual interest.
Super senior citizens (80+ years): 7.85% annual interest.
Both domestic and NRI customers can benefit from this scheme.
Terms and Conditions
Applicable for fixed deposits with amounts less than ₹3 crore.
Applies to new deposits as well as renewals of existing deposits.
Does not apply to Recurring Deposits, Tax-Saving Deposits, Annuity Deposits, or Multi-Option Deposits.
Benefits of the Scheme
Minimum investment: ₹1,000.
No maximum investment limit.
Interest is paid monthly, quarterly, or half-yearly based on your preference.
How to Invest
Customers can invest through SBI branches, the YONO SBI app, YONO Lite app, or internet banking. The scheme is automatically applied when selecting the 444-day FD option.
