The 444-day special term deposit scheme—'Amrit Vrishti'—launched by State Bank of India (SBI), the country's largest public sector bank, remains one of the most popular options for investors who want to earn guaranteed returns over a fixed period while staying away from the ups and downs and risks of the stock market. The scheme comes with a fixed lock-in period of exactly 444 days (approximately 14.5 months). Since the money is deposited in the most secure and trusted bank of the country, the risk of loss of principal is considered to be zero, which gives peace of mind to people adding money for retirement fund, emergency savings or any specific goal. Know the current interest rates: How much benefit to common citizens and elderly? Under this 444 days Amrit Vrishti scheme of SBI, different interest rates are fixed for different categories of customers: Regular Citizens: 6.45% per annum Senior Citizens (60 years or more): 6.95% per annum (0.50% more than normal) Super Senior Citizens (80 years or more): 7.05% per annum (0.60% more than normal) More) The bank calculates interest in this scheme on the basis of Quarterly Compounding, which is paid along with the principal amount in lump sum at the time of maturity. If customers wish, they can also choose the option of monthly or quarterly interest withdrawal option. What will be the total return on deposit of ₹5 lakh? If you invest ₹5,00,000 in lump sum in a 444 day FD of SBI, the estimated returns after completion of 444 days will be as follows: Investor Category Interest Rate (pa) Total Interest Earned (approx) Maturity Amount (approx) General Citizen 6.45% ₹40,300 – ₹40,500 ₹5,40,300 – ₹5,40,500 Senior Citizen 6.95% ₹43,600 – ₹43,800 ₹5,43,600 – ₹5,43,800 Very Senior Citizens 7.05% ₹44,200 – ₹44,500 ₹5,44,200 – ₹5,44,500 Bumper profit on investment of ₹10 lakh: See the complete maths If you invest ₹10,00,000 in 444 days If you lock in this special scheme, a larger corpus is created on maturity due to the effect of compound interest: Investor Category Interest Rate (pa) Total Interest Earned (approx) Maturity Amount (approx) General Citizens 6.45% ₹80,600 – ₹81,000 ₹10,80,600 – ₹10,81,000 Senior Citizens 6.95% ₹87,200 – ₹87,600 ₹10,87,200 – ₹10,87,600 Very Senior Citizens 7.05% ₹88,500 – ₹89,000 ₹10,88,500 – ₹10,89,000 Loan Facility and Pre-Mature Withdrawal Rules Amrit Vrishti Yojana not only provides returns but also ensures financial liquidity when needed: Loan/Overdraft facility: If you suddenly need money before the completion of the tenure, you do not need to break the FD. You can avail up to 90% of your deposit as loan or overdraft facility. Premature Withdrawal: If for some reason the FD has to be closed midway, a penalty of 0.50% is deducted on the amount up to ₹ 5 lakh and 1% on the amount above ₹ 5 lakh. However, no interest is paid if closed within 7 days. Important rules related to tax and TDS: This is clearly a regular retail term deposit, hence it does not come under the ambit of tax exemption under Section 80C of the Income Tax Act. The interest earned on FD is added to your annual income as 'Income from other sources' and is taxable as per your respective tax slab. If the total FD interest received from the bank in a financial year exceeds ₹50,000 for general citizens and ₹1,00,000 for senior citizens, the bank deducts 10% TDS. If your total income is less than the taxable limit, you can avoid TDS deduction by submitting Form 15G (Form 15H for senior citizens) to the bank. How to apply from YONO app or net banking at home? There is no compulsion to go to the bank branch to open this special FD; It can be activated online in just a few minutes: Open the SBI YONO App on your smartphone and login. Go to 'Deposits' section and select 'Fixed Deposit' option. Tap on 'Open Fixed Deposit' and enter the amount you want to deposit (minimum ₹1,000). Select 'Days' in the Tenure column and enter exactly 444 days; The system will automatically detect it as 'Amrit Vrishti'. Select the Maturity Payout method, accept the terms and conditions and submit. Your e-FD certificate will be generated instantly.
