The scheme is offered by the State Bank of India (SBI).
It was launched on March 22, 2023, to commemorate the 75th anniversary of India's independence.
The scheme offers an interest rate of 7.60% for 375 days and 7.65% for 444 days for senior citizens, and 7.40% for 375 days and 7.50% for 444 days for other customers.
The minimum amount that can be invested under the scheme is Rs.1,000.
The maximum amount is Rs.1 crore for senior citizens and Rs.50 lakh for other customers.
The FDs under the scheme can be opened at any SBI branch across the country.
The interest will be credited to the customer's savings account on maturity.
The scheme is a good option for senior citizens looking to earn a higher interest rate on their savings. It is also a good option for other customers who are looking to lock in their money for a short period of time.