State Bank of India launches SPL scheme ‘Amrit Vrishti’ to collect deposits

The State Bank of India (SBI) has launched a special deposit scheme, ‘Amrit Vrishti’, offering 7.25 per cent interest on deposits for 444 days, the bank said in a press release on Tuesday. The scheme also offers an additional interest of 0.50 per cent to senior citizens.

This comes amid concerns over slow deposit mobilisation by banks, resulting in a widening credit-deposit growth gap. Earlier, Bank of Baroda (BoB) and Bank of Maharashtra had also launched special deposit schemes, offering higher interest rates to accumulate deposits.

BoB’s special scheme, called “BoB Monsoon Dhamaka Deposit Scheme”, offers interest rates of 7.25 per cent for 399 days and 7.15 per cent per annum for 333 days for deposits below Rs 3 crore. Meanwhile, Bank of Maharashtra’s special scheme has four buckets for deposits up to Rs 10 crore. It offers 6.90 per cent interest for 200 days, 7.10 per cent for 400 days, 7.15 per cent for 666 days and 7.25 per cent for 777 days, as stated on its website.