SBI Reduces Fixed Deposit Interest Rates for General Public and Seniors
SBI Cuts Fixed Deposit Rates
The State Bank of India (SBI), the largest public sector bank in the country, has announced a reduction in fixed deposit (FD) interest rates for both the general public and senior citizens, effective from May 16, 2025. According to the bank's website, SBI has decreased FD rates across all tenures by 20 basis points (bps). This latest adjustment follows a previous cut made on April 15, 2025, just a month earlier. After this reduction, SBI will offer interest rates ranging from 3.30% to 6.70% per annum for amounts less than ₹3 crore for regular customers, down from the previous rates of 3.5% to 6.9% per annum for FDs spanning from 7 days to 10 years.
Amrit Vrishti Scheme Rate Adjustment
Additionally, SBI has also lowered the interest rate on its special FD scheme, Amrit Vrishti, by 0.20%. As per the bank's website, the interest rate for this scheme, which has a tenure of 444 days, has been reduced from 7.05% to 6.85% for the general public.
Interest Rate Cuts for Senior Citizens
SBI has similarly decreased the FD rates for senior citizens across all tenures by 0.20%. Now, senior citizens will receive interest rates ranging from 3.80% to 7.30% per annum for FDs under ₹3 crore, including the SBI VKare Deposit. Previously, the bank offered interest rates between 4% and 7.50% (including SBI VKare). Under the Amrit Vrishti special scheme, senior citizens will now earn 7.35% interest, while super senior citizens will receive 7.45%.