SBI cuts FD rates, reintroduces 'Amrit Vrishti' scheme with lower returns

The State Bank of India (SBI) has reduced its fixed deposit (FD) interest rates and also reintroduced its special FD scheme ‘Amrit Vrishti’, with less returns. The changes will come into effect from April 15, 2025.    Key revisions to regular FD rates  According to the bank's website, SBI has cut interest rates by 10 basis points (0.10 per cent) on select tenures ranging from one year to less than three years. This means that if you were earning 6.80 per cent on a 2-year FD earlier, you will now earn 6.70 per cent. The revised rates apply to both regular depositors and senior citizens.  There is no change in the interest rates for deposits of shorter tenures (up to 1 year) and longer tenures (3 years and above). The highest rate is now 6.90 per cent for deposits of 2 to 3 years for regular customers, and 7.50 per cent for senior citizens for deposits of 5 to 10 years.  Latest interest rates for FD in SBI 

	General Public		Senior Citizen
Tenors	Existing Rates	Revised Rates	Existing Rates	Revised Rates
7 days to 45 days	3.5	3.5	4	4
46 days to 179 days	5.5	5.5	6	6
180 days to 210 days	6.25	6.25	6.75	6.75
211 days to less than 1 year	6.5	6.5	7	7
1 Year to less than 2 years	6.8	6.7	7.3	7.2
2 years to less than 3 years	7	6.9	7.5	7.4
3 years to less than 5 years	6.75	6.75	7.25	7.25
5 years and up to 10 years	6.5	6.5	7.50*	7.50*
	*Including additional premium of 50 bps under ”SBI We-care” deposit scheme.

 

         ‘Amrit Vrishti’ returns, but with lower yields  SBI has also brought back its special tenure scheme called ‘Amrit Vrishti’, which was previously offered with slightly higher returns. This time, the scheme offers:  ·  7.05 per cent interest for general customers  ·  7.55 per cent interest for senior citizens  ·  7.65 per cent interest for super senior citizens  The tenure of the scheme remains the same which is 444 days.  The Amrit Vrishti scheme is time-bound and only available for a limited period. It is designed to offer slightly better returns than regular FDs without any additional risk, but the revised rates are lower than what was offered during the last iteration of the scheme.  Industry trend  Recently other major players in the sector have also cut their FD rates after RBI reduced the key repo rate by 25 basis points to 6 per cent.  Canara Bank has reduced fixed deposit interest rates by up to 20 bps on select tenures for deposits below Rs 3 crore. Following the adjustment, the bank now offers interest rates ranging from 4 per cent to 7.25 per cent for the general public and between 4 per cent and 7.75 per cent for senior citizens on callable deposits.  Yes Bank will now give the maximum interest rate of 7.75 per cent for non-senior residents and 8.25 per cent for senior citizens on their term deposits with a term bucket of 12 to 24 months.  HDFC Bank offers an interest rate between 3 per cent and 7.25 per cent on fixed deposits for regular citizens for tenures ranging from 7 days to 10 years for amounts less than Rs 3 crore. The highest interest rate of 7.25 per cent is offered on tenure of 10 months to less than 21 months. The new rates are applicable from April 1, 2025.