State Bank of India (SBI) has launched a 444-day term deposit scheme, “Amrit Vrishti”, with an interest rate of 7.25 per cent. 

• This scheme is available to domestic and non-resident Indian customers and will be effective July 15, 2024. India’s largest bank will offer an additional 0.50 per cent to senior citizens on the scheme.
• Dinesh Kumar Khara, Chairman of SBI, said the new variant of of term deposit scheme is designed to meet the requirements of a diverse range of customers.
• Depositors can invest in the scheme 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 Bank’s earlier term deposit scheme (Amrit Kalash) had a tenor of 400 days and offered 7.10 per cent interest.