SBI launches new term deposit scheme ‘Amrit Vrishti’ with tenure of 444 days

State Bank of India on July 16 announced the launch of a new term deposit scheme “Amrit Vrishti”, which offers an attractive interest rate of 7.25 percent per annum on deposit of 444 days, effective from July 15, 2024, India’s largest lender said in a statement.

The new scheme caters to both domestic and non-resident Indian customers, according to the statement. For senior citizens, the lender will offer an interest rate of 7.75 percent.

The scheme is available for investment until March 31, 2025, the bank said.

“This scheme enables the customers to lock in their investments for a specific tenor to maximise returns,” the lender said.

Interested individuals can invest in the scheme through various channels - SBI branches, YONO SBI and YONO Lite (mobile banking apps), and SBI internet banking (INB).Dinesh Khara, chairman, 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."