State Bank of India (SBI) has introduced a new fixed deposit scheme called Amrit Vrishti. This scheme offers attractive interest rates for both domestic and NRI customers. Previously, SBI launched other schemes like SBI Amrit Kalash and SBI WeCare. The SBI Amrit Kalash scheme is for both general and senior citizens, while SBI WeCare is only for senior citizens. The SBI Amrit Kalash scheme runs for 400 days. It offers an interest rate of 7.10 percent per annum for general citizens. Senior citizens can get a higher rate of 7.60 percent. The last date to invest in this scheme is September 30. According to the SBI website, these interest rates have been applicable since April 12, 2023. SBI WeCare is designed exclusively for senior citizens. It offers an additional interest rate of 50 basis points (bps) over the regular interest rates. This scheme is available for both new deposits and renewals. It will also be valid until September 30. On this note, let’s look at some SBI fixed deposit schemes:
SBI Amrit Vrishti
The Amrit Vrishti Yojana offers a 7.25 percent interest rate for 444-day deposits. Senior citizens can earn an extra 0.50 percent interest. Investors can take loans against these deposits. The deadline for this scheme is March 31, 2025.
SBI Sarvottam
The SBI Sarvottam scheme is for investors depositing large amounts. It offers higher rates than regular fixed deposits. For a 2-year term, the interest rate is 7.4 percent and for 1-year, it’s 7.10 percent. Senior citizens earn an additional 0.50 percent. The Sarvottam (Non-Callable) option is available for deposits ranging from Rs 1 crore to Rs 3 crore.
SBI Green Rupee Term Deposit
SBI has launched the Green Rupee Term Deposit to support eco-friendly projects. It offers a 6.65 percent interest rate for 1111 or 1777 days, and 6.40 per cent for 2222 days. Senior citizens earn up to 7.40 percent depending on the deposit period. This scheme has no deadline for investment.
These schemes offer a variety of options for different investor needs.
