The State Bank of India, SBI, recently launched a new fixed deposit scheme named Amrit Vrishti. The new attractive scheme for SBI customers has a specific tenure i.e. 444 days. Anybody who is interested in this scheme would like to know the possible returns or the maturity amount. This article is designed to help you calculate the returns of SBI Amrit Vrishti. You can use the Amrit Vrishti Calculator and find out the expected returns with ease.
It is essential to gather relevant and relevant information beforehand to accurately calculate the returns of the SBI Amrit Vrishti Scheme. You can directly head to the calculator or continue reading to understand more about this scheme, which I highly recommend.
SBI Amrit Vrishti Scheme
| Feature | Details |
|---|---|
| Scheme Name | ✅ Amrit Vrishti |
| Availability Period | ✅ July 15, 2024, to March 31, 2025. |
| Tenure | ✅ 444 days |
| Interest Rates | 👉 7.25% per annum for general customers 👉 7.75% per annum for senior citizens |
| Eligible Deposits | 👉 Domestic Retail Term Deposits 👉 NRI Rupee Term Deposits (up to Rs. 3 crore) 👉 New and renewal of existing deposits |
| Premature Withdrawal Penalty | 👉 0.50% for deposits up to Rs. 5 lakh 👉 1% for deposits above Rs. 5 lakh but below Rs. 3 crore 👉 No penalty for staff and SBI pensioners |
| Interest Payment Options | ✅ Monthly, Quarterly, Half-Yearly, or on Maturity |
| TDS (Tax Deducted at Source) | ✅ Deducted as per applicable rates |
| Loan Facility | ✅ Available against deposits |
| Application Channels | 👉 SBI Branches 👉 Internet Banking 👉 YONO Mobile Application |
Do Read :
| SBI Amrit Kalash Deposit Calculator | SBI Annuity Deposit Scheme Calculator |
| SBI FD Calculator | More SBI Calculators |
How to Calculate SBI Amrit Vrishti Returns
Calculating your returns from the SBI Amrit Vrishti scheme is explained below along with examples:
Amrit Vrishti Maturity Amount Calculation Process Explained
The first thing is to ensure how much money you want to invest.
Then Identify Your Customer Type
- If you are a General Customer (<60 years Age) : 7.25% per annum interest rate.
- Senior Citizen (> 60 Years Age) : 7.75% per annum interest rate.
Use the Formula for Compound Interest to calculate returns.
The formula to calculate the maturity amount is:
M is the maturity amount.
P is the principal amount (your deposit).
r is the annual interest rate (in decimal form).
n is the number of times interest is compounded per year.
t is the time the money is invested for in years. In this case it is 1.216 years (444 days)
SBI Amrit Vrishti 444 Days FD : Example Calculations
Example 1: General Customer
- Deposit Amount: Rs. 1,00,000
- Interest Rate: 7.25% per annum
- Tenure: 444 days (which is approximately 1.216 years)
- Interest Compounded Quarterly: n=4
Maturity Amount: Rs. 1,09,280
Interest Earned: Rs. 9,280
Example 2: Senior Citizen
- Deposit Amount: Rs. 1,00,000
- Interest Rate: 7.75% per annum
- Tenure: 444 days (which is approximately 1.216 years)
- Interest Compounded Quarterly: n=4
Maturity Amount: Rs. 1,09,630
Interest Earned: Rs. 9,630