State Bank of India launches 444‑day Amrit Vrishti Fixed Deposit with higher rates

The State Bank of India (SBI) has introduced a 444‑day fixed‑deposit scheme called Amrit Vrishti. It offers a 6.45% annual interest rate for the general public, 6.95% for senior citizens (60+) and 7.05% for super‑senior citizens (80+). Minimum investment is ₹1,000 and the maximum is ₹3 crore. Early withdrawal incurs a penalty of 0.50% on deposits up to ₹5 lakh and 1.00% on larger amounts; the payable interest is the lower of the original rate minus the penalty or the rate prevailing on the withdrawal date. Interest earned is taxable according to the investor’s income‑tax slab, with TDS deducted at 10% (or 20% without a PAN). Loans against the deposit are available up to a bank‑specified percentage.

For comparison, other major Indian banks such as HDFC, ICICI and Axis offer one‑year fixed‑deposit rates around 6.25%‑6.50% for regular customers, with higher rates for senior citizens. SBI’s regular ten‑year‑term deposits range from 6.25% to 6.90%, making the 444‑day scheme the most attractive short‑term option among the banks mentioned.