Chaitra Seetharam
Quick Summary
Overview The State Bank of India's 444-day Fixed Deposit, also known as the Amrit Vrishti scheme, is designed to provide competitive returns over a relatively short investment period. This scheme offers attractive interest rates with quarterly compounding for general senior, and super senior citize
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FAQ :
The SBI 444-day FD is open to Resident Individuals (single or joint), NRI Customers (NRE/NRO deposits below ₹3 Crore), Minors (via guardians), and Senior & Super Senior Citizens (aged 60+ and 80+ respectively) who receive additional interest benefits.
No, the 444-day FD is a standard retail term deposit and does not qualify for tax savings under Section 80C. These benefits are exclusively for fixed deposits with a minimum 5-year lock-in period.
TDS is applied if your total interest income from SBI FDs exceeds ₹50,000 annually (₹1,00,000 for senior citizens). The rate is 10% with a linked PAN, or 20% without. You can submit Form 121 to avoid TDS if your taxable income is below the exemption slab.
Premature withdrawal penalties apply: 0.50% for principal amounts up to ₹5 Lakh, and 1% for principal amounts above ₹5 Lakh.
Interest is calculated at the lower of these two rates: the applicable rate for the actual duration the FD was held minus the penalty, or the original contracted FD rate minus the penalty.
If auto-renewal was selected, the deposit renews into a standard SBI term deposit for the nearest available tenure. If auto-renewal was not selected, the maturity amount is credited directly to your linked savings account.
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