The scheme offers an interest rate of 7.25% per annum (7.75% per annum for Senior Citizens)
FinTech BizNews Service
Mumbai, July 16, 2024: State Bank of India (SBI), country's largest Bank has launched a new term deposit scheme named "Amrit Vrishti". This customer-centric initiative offers attractive interest rates and caters to both domestic and non-resident Indian customers.
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 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.
Expressing his thoughts at the launch, Mr. 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."
