Premature Withdrawal Of SBI 444-Day Tenor Amrit Vrishti FD Scheme: How Much Penalty Will You Have To Pay? Check Details

State Bank of India (SBI), India's largest public sector lender recently reintroduced the Amrit Vrishti FD Scheme. Effective from 15 April 2025, the SBI Amrit Vrishti FD Scheme will now attract lowered interest rates vis-a-vis what was offered in 2024.

SBI Amrit Vrishti scheme enables the customers to lock in their investments for a specific tenor to maximise returns. Depositors can invest in Amrit Vrishti through various convenient channels - SBI branches, YONO SBI and YONO Lite (mobile banking apps), and SBI internet banking (INB). This ensures flexibility and caters to both online and offline transactions.

i) For Retail Term Deposits up to Rs.5 lacs, the penalty for premature withdrawal will be 0.50% (all tenors).

ii) For Retail Term Deposits above Rs.5 lacs but below Rs. 3 Crores, applicable penalty will be 1% (all tenors).

iii) There is no discretion for reduction/waiver of penalty for premature withdrawal of term deposits. ($) The interest shall be 0.50% or 1% below the rate applicable on the date of deposit for the period Deposit remained with the Bank or 0.50% or 1% below the contracted rate, whichever is lower for Retail Term Deposits up to Rs. 5.00 lacs and above Rs. 5.00 lacs respectively.

However, no interest will be paid on deposits which remained with the bank for a period of less than 7 days.

No premature penalty will be levied on Staff and SBI Pensioners’ Deposits. Interest rate to be paid on premature withdrawal of Term Deposits by Staff and SBI Pensioners will be same as applicable for the period the Deposit has remained with the Bank.

i) Term Deposits – At monthly/ quarterly/half yearly intervals Special Term Deposits- On maturity

​ii) Interest, net of TDS, shall be credited to Customer’s Account

i) Domestic Retail Term Deposits including NRI Rupee Term Deposits (< Rs 3 crore)

ii) New and Renewal of existing deposits

iii) Term Deposit and Special Term Deposit only

Exclusions:

i) Other products i.e., Recurring Deposit, Tax Savings Deposits, Annuity Deposits, MACAD, Multi Option Deposits (MODs), Capital Gains Scheme etc.

​ii) NRI Deposits of Staff and Senior Citizens.

The specific tenor scheme of “444 days” (Amrit Vrishti) at Rate of Interest 7.05 %  is effective from  15th April 2025 and  Senior Citizens are offered a Rate of interest 7.55%. Super Senior Citizens are offered a Rate of Interest 7.65%.” w.e.f.  15.04.2025, said the SBI website.

State Bank had in 2024 introduced a new variant of Retail Term Deposit Scheme ‘‘AMRIT VRISHTI’ for 444 days tenor, giving higher rate of interest of 7.25% p.a. to the general Customers. Senior Citizens were being offered 50 basis points more, ie 7.75% p.a.