On Tuesday, India's largest public sector lender, State Bank of India (SBI), unveiled a new term deposit program called "Amrit Vrishti". The "Amrit Vrishti" scheme, which begins on July 15, 2024, promises an excellent annual interest rate of 7.25% on 444-day deposits. In addition, SBI will offer an extra 0.50% to elderly persons, increasing returns for this customer category.
"This customer-centric initiative offers attractive interest rates and caters to both domestic and non-resident Indian customers," according to a statement from SBI.
The SBI Amrit Vrishti plan allows clients to lock in their investments for a particular time period in order to enhance profits. Depositors can invest in Amrit Vrishti using a variety of convenient channels, including SBI branches, YONO SBI and YONO Lite mobile banking applications, and SBI internet banking (INB). This enables flexibility and allows for both online and offline transactions.
The Amrit Vrishti program is open for investment until March 31, 2025, giving regular investors plenty of time to take advantage of rising interest rates, SBI added.
"We are excited to introduce 'Amrit Vrishti,' a new type of term deposit program designed to fulfill the needs of a wide spectrum of consumers. The plan underlines the bank's commitment to offer opportunities for its valued clients to enhance their wealth", said Dinesh Khara, Chairman of SBI.
