SBI Slashes FD Interest Rates By 10 Bps For Select Tenures Starting Today; Check New Rates

For general customers, the interest rate on one-year FDs has been lowered from 6.80 per cent to 6.70 per cent. FDs with a tenure of two to three years will now offer 6.90 per cent, down

The special 444-day fixed deposit scheme, known as Amrit Vrishti, is now available at an interest rate of 7.05 per cent for the general public, effective April 15

Source : ABPLIVE AI

Just days after the Reserve Bank of India (RBI) reduced the repo rate by 25 basis points, the State Bank of India (SBI), the country’s largest lender, has followed suit by trimming its fixed deposit (FD) interest rates by 10 basis points.

For general customers, the interest rate on one-year FDs has been lowered from 6.80 per cent to 6.70 per cent. FDs with a tenure of two to three years will now offer 6.90 per cent, down from the earlier 7 per cent.

Senior citizens will also see a reduction in returns. For FDs of one to two years, the interest rate has been cut from 7.30 per cent to 7.20 per cent. On deposits with a two- to three-year tenure, the rate has been revised from 7.50 per cent to 7.40 per cent, effective today.

The special 444-day fixed deposit scheme, known as Amrit Vrishti, is now available at an interest rate of 7.05 per cent for the general public, effective April 15. Senior citizens can earn 7.55 per cent under this scheme, while super senior citizens are offered an even higher rate of 7.65 per cent.

Interest Rates For Other Tenures Remain Unchanged:

• 7 to 45 days: 3.5 per cent for general citizens, 4 per cent for senior citizens
  
• 46 to 179 days: 5.5 per cent for general citizens, 6 per cent for senior citizens
  
• 180 to 210 days: 6.25 per cent for general citizens, 6.75 per cent for senior citizens
  
• 211 days to less than 1 year: 6.5 per cent for general citizens, 7 per cent for senior citizens
  
• 3 to 5 years: 6.75 per cent for general citizens, 7.25 per cent for senior citizens
  
• 5 to 10 years: 6.5 per cent for general citizens, 7.5 per cent for senior citizens

These rates reflect SBI’s revised FD interest structure, with most tenures remaining unchanged except for select cuts in response to the recent repo rate reduction by the RBI.