SBI revises FD interest rates on specific tenures, re-introduces ‘Amrit Vrishti’ scheme
The revised FD rates reflect a conservative rate-cutting approach by the SBI, likely in anticipation of potential monetary easing by the Reserve Bank of India (RBI).
According to the official website of the State Bank of India (SBI), the biggest public sector lender in the nation, it has revised its Fixed Deposit (FD) interest rates, which will take effect on April 15, 2025. For certain medium-term deposits, namely those in the 1–3 year range, the bank has lowered interest rates by 10 basis points.
This reduction applies to both senior citizens and regular customers. Alongside this revision, SBI has also reintroduced its special “Amrit Vrishti” FD scheme with modified rates for a 444-day tenure. The revised FD rates reflect a conservative rate-cutting approach by the SBI, likely in anticipation of potential monetary easing by the Reserve Bank of India (RBI).
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Following the revision, SBI now offers interest rates for tenures ranging from seven days to ten years that range from 3.50% to 6.9% (without a special deposit). The bank offers interest rates ranging from 4% to 7.50% for senior citizens, including SBI We Care.
The interest rate for FDs with tenures of one year to less than two years has decreased from 6.80% to 6.70% for the general public, while the rate for FDs with tenures of two years to less than three years has decreased from 7.00% to 6.90%.
The interest rate for senior citizens' fixed deposits with terms ranging from one year to less than two years has been lowered from 7.30% to 7.20%, and the interest rate for FDs with terms ranging from two years to less than three years has been lowered from 7.50% to 7.40%.
These reductions reflect a minor shift in the bank’s deposit strategy, possibly aligning with the broader monetary policy decision to cut repo rate by 25 bps from 6.25% to 6%. The bank's "SBI We-care" deposit plan still offers a 50 basis point premium.
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With effect from April 15, 2025, the State Bank of India (SBI) has reintroduced its special Fixed Deposit scheme, called "Amrit Vrishti," which features a specific tenor of 444 days by lowering the interest rate by 20 basis points. The scheme now offers a higher rate of interest of 7.05% per annum (p.a.) for general citizens, while senior citizens are offered 50 basis points at 7.55% p.a.
“The specific tenor scheme of “444 days” (Amrit Vrishti) at Rate of Interest 7.05 % is effective from 15th April 2025 and Senior Citizens are offered a rate of interest of 7.55%. While Super Senior Citizens will be offered a rate of interest of 7.65%, from 15.04.2025. Previously, the same scheme offered a higher rate of interest of 7.25% p.a.
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