Fixed Deposits (FDs) have been a safe choice for investors seeking reliable and consistent returns on their savings. While traditional bank FDs have long been the go-to option, the investment landscape is shifting. In recent years, Small Finance Banks (SFBs) and Post office FDs have emerged as strong competitors, offering attractive FD interest rates that often surpass those of conventional banks.
Recently, five major banks in India- State Bank of India (SBI), Bank of Baroda (BoB), Punjab National Bank (PNB), Indian Bank, and Canara Bank have introduced special fixed deposit schemes, including SBI Amrit Vrishti FD, which provides high interest rates to cater to a diverse range of investor needs.
Let’s take a closer look, and furthermore, conduct a comparative analysis of these schemes, including their rates, tenures, and validity.
| The scheme also caters to NRI Rupee Term Deposits under ₹3 crore, offering them an attractive investment option with higher returns. |
SBI Amrit Vrishti FD vs Bank FD Schemes
The following table compares the highest interest rates offered by leading banks on special fixed deposits with a tenure close to 444 days.
| Bank | Scheme | Tenure (days) | Interest Rate (General Public) | Interest Rate (Senior Citizens) |
| State Bank of India | Amrit Vrishti | 444 | 7.25% | 7.75% |
| Bank of Baroda | Monsoon Dhamaka | 399 | 7.25% | 7.75% |
| Punjab National Bank (PNB) | PNB 400 Days FD | 400 | 7.25% | 7.75% |
| Indian Bank | IND SUPER 400 DAYS | 400 | 7.25% | 7.75% |
| Canara Bank | Canara Bank’s 444 Days FD | 444 | 7.25% | 7.75% |
Let’s have a detailed look at each of the special FDs offered by these banks.
1. State Bank of India (SBI) – Amrit Vrishti
SBI’s Amrit Vrishti is a special fixed deposit offering higher interest rates for both general public and senior citizens. This 444-day scheme is available until March 31, 2025.
- Scheme: Amrit Vrishti
- Tenure: 444 days
- Interest Rate:25% p.a. (general public), 7.75% p.a. (senior citizens)
- Availability: July 15, 2024 to March 31, 2025.
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2. Bank of Baroda (BoB) – Monsoon Dhamaka Deposit Scheme
BoB’s Monsoon Dhamaka Deposit Scheme offers competitive interest rates for both short and medium-term deposits. The scheme includes benefits for senior citizens and large deposits.
- Scheme: Monsoon Dhamaka Deposit Scheme
- Tenure: 399 days and 333 days
- Interest Rate:
- General Public: 7.25% p.a. (399 days), 7.15% p.a. (333 days)
- Senior Citizens: 7.75% p.a. (399 days), 7.65% p.a. (333 days)
- Non-Callable Deposits (₹1 crore – ₹3 crore): Additional 0.15% p.a.
3. PNB’s 400 Days FD
PNB offers a fixed deposit scheme with a tenure of 400 days, and moreover, it provides attractive interest rates for different customer categories.
- Tenure: 400 days
- Interest Rates:
- General Public: 7.25% p.a.
- Senior Citizens: 7.75% p.a.
- Super Senior Citizens: 8.05% p.a.
- Maximum Deposit: 3 crore
4. Indian Bank’s IND SUPER 400 DAYS FD
Indian Bank provides the IND SUPER 400 DAYS FD with a callable feature; consequently, it allows early withdrawal
Tenure: 400 days
Callable Option: Allows premature withdrawal
Investment Range: Rs. 10,000 to Rs. 3 crore
Interest Rates:
- General Public: 7.25% p.a.
- Senior Citizens: 7.75% p.a.
- Super Senior Citizens: 8% p.a.
Availability: Until September 30, 2024
5. Canara Bank’s 444 Days FD
Canara Bank offers a 444-day fixed deposit scheme with competitive interest rates for both general and senior citizens. This scheme allows for premature withdrawal; therefore, it provides flexibility to investors.
Tenure: 444 days
Callable Option: Allows premature withdrawal
Maximum Deposit: Rs 3 crore
Interest Rates:
- General Public: 7.25% p.a.
- Senior Citizens: 7.75% p.a.
SBI Amrit Vrishti FD vs Small Finance Bank FD Schemes
While large public sector banks like SBI offer competitive FD schemes like Amrit Vrishti, small finance banks (SFBs) have also emerged as strong contenders in the fixed deposit market.
The following table shows the comparison of FD rates for tenure closure to 444 days that is offered by SBI Amrit Vrishti FD.
| Bank | Tenure | Interest Rate for General Public (%) p.a. | Interest Rate for Senior Citizen(%) p.a. |
| SBI Amrit Vrishti FD | 444 days | 7.25 | 7.75 |
| Shivalik Small Finance Bank | 12 months 1 day to less than 18 months | 8.45 | 8.95 |
| Jana Small Finance Bank | 1 Year to less than 2 years | 7.50 | 8.45 |
| Equitas Small Finance Bank | 444 days | 8.50 | 9.00 |
| Utkarsh Small Finance Bank | 365 days to 699 days | 8.00 | 8.60 |
| AU Small Finance Bank | 2 years | 7.50 | 8.00 |
| Suryoday Small Finance Bank | 1+ year to 15 months | 8.25 | 8.75 |
| ESAF Small Finance Bank | 365 days to 60 months | 6.25 | 6.75 |
SBI Amrit Vrishti FD vs Post Office Saving Schemes
Both SBI’s Amrit Vrishti and Post Office Saving Schemes are popular investment choices for individuals seeking stable returns. Let’s compare the interest rates offered by SBI’s Amrit Vrishti scheme and Post Office FDs, specifically for tenure closures up to 444 days. In doing so, we can assess the differences more effectively.
The table below, therefore, shows a comparative analysis of interest rates offered by SBI Amrit Vrishti FD and select Post Office savings schemes.
| Bank | Tenure | Interest Rate for General Public (%) p.a. | Interest Rate for Senior Citizen(%) p.a. |
| SBI Amrit Vrishti FD | 444 days | 7.25 | 7.75 |
| Post Office FD | 2 years | 7.00 | 7.40 |
| National Saving Certificate | 5 years | 7.70 | – |
| Kisan Vikas Patra | 115 months | 7.5 | – |
From the above table, we understand that while the National Saving Certificate presents a higher return over a longer tenure, SBI Amrit Vrishti offers a competitive rate for a shorter investment horizon. Hence, investors should consider factors beyond interest rates, such as liquidity and tax implications, before making a decision.
Also Read: Earn 5,550, 7,400, or 9,250 Monthly Income Through Post Office Scheme
In Conclusion
While SBI’s Amrit Vrishti offers a competitive option for fixed-income investors, exploring alternatives from other banks is essential. Several financial institutions, for instance, provide FD schemes with comparable or even higher interest rates for shorter tenures. Moreover, this can offer investors greater flexibility and potential returns. Consider factors such as tenure, interest rates, and additional benefits offered by different banks before making a final decision.
Check the best FD Rates for different tenures from the table below:
| FD Rates for 45 Days | FD Rates for 90 Days |
| FD Rates for 180 Days | FD Rates for 1 Year |
| FD Rates for 2 Years | FD Rates for 3 Years |
| FD Rates for 4 Years | FD Rates for 5 Years |
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Frequently Asked Questions
Q. Is SBI Amrit Vristi better than other banks FD?
A. While SBI Amrit Vrishti offers a competitive interest rate, it’s essential to compare it with other banks’ FDs for the same tenure to find the best option.
Q. What is the interest rate of SBI Amrit Vrishti FD?
A. The interest rate for SBI Amrit Vrishti FD is 7.25% for general customers; however, it is 7.75% for senior citizens.
Q. Which is better SBI Amrit Vristi or Canara Bank FD?
A. Both SBI Amrit Vrishti and Canara Bank offer similar interest rates and tenures. Consider factors such as the branch network, additional benefits, and customer service. Additionally, evaluate how these aspects impact your overall decision to make the most informed choice.
Q. Which is the best 444-day FD?
A.The best 444-day FD depends on individual needs. Therefore, compare interest rates, tenure options, additional benefits, and bank reputation across multiple banks.
Q. Which is better SBI Amrit Vristi or PNB FD?
A. PNB is comparatively better as it offers the same interest rate (7.25% for regular customers, 7.75% for senior citizens) as SBI Amrit Vristi with a lesser tenure of 400 days. However, compare the specific interest rates and features offered by both SBI Amrit Vrishti and PNB’s 400-day FD to make an informed decision.
Q. Which is better SBI Amrit Vristi or Indian Bank FD?
A. Indian Bank is comparatively better as it offers the same interest rate (7.25% for regular customers, 7.75% for senior citizens) as SBI Amrit Vristi with a lesser tenure of 400 days. However, compare additional features offered by both banks to determine the best fit for your investment goals.
Q. Which is better SBI Amrit Vristi or BOB FD?
A. Bank of Baroda’s ‘Monsoon Dhamaka Deposit Scheme’ is comparatively better as it offers the same interest rate (7.25% for regular customers, 7.75% for senior citizens) as SBI Amrit Vristi with lesser tenure of 399 days. However, compare additional features offered by both banks to determine the best fit for your investment goals.
