On July 16, the State Bank of India announced the launch of a new term deposit scheme called "Amrit Vrishti." This scheme offers a competitive interest rate of 7.25% per annum for a 444-day deposit, started from July 15, 2024, according to a statement from India’s largest lender.

The new scheme is available for both domestic and non-resident Indian customers. Additionally, senior citizens will receive a higher interest rate of 7.75%.

The bank announced that the scheme will be available for investment until March 31, 2025.

"This scheme allows customers to secure their investments for a specific period to maximize their returns," the bank stated.

Interested individuals can invest in the scheme through multiple channels, including SBI branches, the YONO SBI and YONO Lite mobile banking apps, and SBI internet banking.

Dinesh Khara, Chairman of SBI, expressed, "We are excited to introduce 'Amrit Vrishti,' a new term deposit scheme tailored to meet the needs of a wide range of customers. This scheme demonstrates SBI's commitment to offering valuable options for our customers to grow their wealth."