Fixed deposits: SBI floats Amrit Vrishti term deposit scheme for 444 days, offers 7.75% interest rate to senior citizens

Fixed deposits (FDs) are a preferred investment option among Indian investors seeking a reliable and steady return on their savings. Keeping this in mind, the State Bank of India (SBI) has launched a new term deposit scheme named Amrit Vrishti. The scheme is a customer-centric initiative that will offer 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, maximixing returns for this segment of customers. 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.

The 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.

"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," said Dinesh Khara, Chairman, SBI.

SBI special FD's Amrit Kalash

SBI's special fixed deposit (FD) scheme, Amrit Kalash, is also available for investment. The special fixed deposit scheme for retail customers offers higher interest rates for regular and senior citizens.

In April 2024, the bank declared that customers can invest in Amrit Kalash till September 30, 2024. The bank website said: “The specific tenor scheme of “400 days” (Amrit Kalash) at Rate of Interest of 7.10 % w.e.f. 12- April- 2023. Senior Citizens are eligible for rate of interest of 7.60%. The Scheme will be valid till 30-September-2024.”