SBI’s special 444-day fixed deposit offers rates of up to 6.95% for senior citizens, while allowing depositors to access loans or overdrafts against their savings.
State Bank of India’s 444-day special fixed deposit, marketed as “Amrit Vrishti”, remains one of the bank’s most closely watched retail deposit products for savers seeking predictable returns rather than market-linked gains. According to Policybazaar and StableMoney, the scheme is available to both branch and digital customers, carries a minimum investment of ₹1,000 and is open to deposits below ₹3 crore. The offer is designed for investors who want a defined tenure and a known payout profile, with the bank positioning it as an alternative to more volatile savings options.
The interest rate depends on the depositor’s age. Policybazaar says SBI is offering 6.45% a year to regular customers and 6.95% to senior citizens, while some market trackers note even higher rates for super senior citizens in certain customer categories. The bank pays interest on a quarterly compounding basis, although depositors can also choose periodic payout options such as monthly, quarterly, half-yearly or at maturity, depending on the variant available through the channel used to open the account. Goodreturns has also highlighted SBI’s 444-day product as one of the more competitive public sector bank deposits currently available in this tenure band.
The returns can be modest in absolute terms, but they are easy to calculate and can still be meaningful for conservative savers. On a ₹5 lakh deposit, the maturity value would be roughly ₹5.40 lakh for a regular customer, with senior citizens receiving a slightly higher sum because of the extra rate. On ₹10 lakh, the final amount would rise to around ₹10.81 lakh for regular savers and slightly more for older customers. The exact figure will vary depending on the interest option selected and how the bank applies compounding over the 444-day period.
SBI also allows liquidity against the deposit. Policybazaar says customers can take a loan or overdraft of up to 90% of the deposited amount, which means the FD does not have to be broken in an emergency. Premature withdrawal is permitted, but it comes at a cost: for deposits up to ₹5 lakh, the penalty is 0.50%, while larger deposits face a 1% charge, subject to the product rules cited by Policybazaar. There is no interest payment if the deposit is closed within seven days, which makes the scheme better suited to money that can be left untouched for the full term.
Tax treatment is another important consideration. The deposit does not qualify for deduction under section 80C, and the interest is taxed as income from other sources at the investor’s slab rate. Banks are required to deduct tax at source when annual interest from fixed deposits crosses the prescribed threshold, which is ₹50,000 for most customers and ₹1 lakh for senior citizens. Savers whose total income falls below the taxable limit can usually avoid the deduction by submitting the relevant self-declaration form, such as Form 15G or Form 15H, to the bank.
For customers who prefer not to visit a branch, the scheme can be opened through SBI’s digital channels, including YONO and net banking, according to the related industry summaries. That convenience, combined with the certainty of a fixed rate and the backing of India’s largest state-owned lender, helps explain why the 444-day deposit continues to draw attention from cautious investors, retirees and households building short-term financial goals.
Disclaimer: This article is intended to inform and educate, not to recommend or endorse any financial product, investment or strategy. Please consider your own financial circumstances and seek professional advice where appropriate before making financial decisions.
