World · India Bureau
SBI launches 444-day fixed deposit scheme with enhanced returns for seniors
State Bank of India has introduced the Amrit Vrishti fixed deposit scheme, a 14.5-month investment option offering competitive interest rates across different age groups. The scheme provides returns ranging from 6.45 per cent to 7.05 per cent annually, depending on the depositor's age category.
LSN India ·
The State Bank of India (SBI) has rolled out the Amrit Vrishti fixed deposit scheme, positioning it as an attractive option for investors seeking secure returns over a medium-term horizon. The 444-day scheme is designed to cater to depositors across different age brackets with differentiated interest rate structures.
Under the scheme, regular adult depositors will earn 6.45 per cent annual interest on their investments. Senior citizens aged 60 years and above are eligible for a higher rate of 6.95 per cent per annum, while super senior citizens aged 80 years and above can avail themselves of the maximum rate of 7.05 per cent annually.
The scheme targets investors looking for a balance between capital preservation and reasonable returns. With a tenure of approximately 14.5 months, the fixed deposit option sits between shorter-term and longer-term investment products typically offered by the bank, potentially appealing to those with medium-term financial planning needs.
SBI's tiered interest rate structure reflects the bank's approach to rewarding senior citizens with enhanced returns. The differential rates are intended to provide additional income support to older depositors while maintaining competitive rates for the general public.
Prospective investors can approach SBI branches to explore the scheme's terms, conditions, and eligibility requirements.