India’s largest public sector lender State Bank of India (SBI), on Tuesday launched a new term deposit scheme named “Amrit Vrishti”. The “Amrit Vrishti” scheme offers an attractive interest rate of 7.25% per annum on deposit of 444 days, effective from July 15, 2024. In addition, SBI will provide an additional 0.50% on top of it to senior citizens, maximizing returns for this segment of customers.
“This customer-centric initiative offers attractive interest rates and caters to both domestic and non-resident Indian customers,” SBI said in a release.
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.
The Amrit Vrishti scheme is available for investment until March 31, 2025, providing ample opportunity for retail investors to take advantage of the higher interest rates, SBI said.
“We are delighted to launch ‘Amrit Vrishti,’ a new variant of term deposit scheme, designed to meet the requirements of diverse range of customers. The scheme reflects SBI’s commitment to providing our valued customers with avenues to grow their wealth,” Dinesh Khara, Chairman, SBI, said.
