Current Affairs - Banking - Discussion

SBI's Amrit Vrishti scheme is designed to offer attractive returns on fixed deposits with a term of 444 days. The base interest rate for this scheme is 7.25% per annum. Senior citizens benefit from an additional 0.50%, bringing their total interest rate to 7.75% per annum. The scheme, which is available from July 15, 2024, to March 31, 2025, also includes a premature withdrawal penalty of 0.50% for deposits up to Rs 5 lakh and 1% for deposits above Rs 5 lakh but below Rs 3 crore. However, SBI staff and pensioners are exempt from this penalty, making it an appealing option for secure, medium-term investments.