State Bank of India (SBI) will cut interest rates on select fixed deposits (FDs) from April 15 on. The state-backed lender has cut the rates by 10 basis points for FDs with tenures between one and three years.
Interest rate for fixed deposits with tenure between one year and two years has been reduced from 6.8 percent to 6.7 percent for general public, and from 7.3 percent to 7.2 percent for senior citizens. The rate for fixed deposits with tenure between two year and three years has been lowered to 6.9 percent from 7 percent for general public and from 7.5 percent to 7.4 percent for senior citizens.
Here are the revised interest rates that will kick in from April 15:
| General Public | Senior Citizen | |||
| Tenures | Existing rates | Revised rates applicable from April 15 | Existing rates | Revised rates applicable from April 15 |
| 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% | 7.5% | 7.5% |
SBI is reintroducing its special deposit plan 'Amrit Vrishti' with lower rates. The interest rate for the 444-day long scheme has been lowered to 7.05 percent for general customers. Senior citizens and super senior citizens will be offered interest rates of 7.55 percent and 7.65 percent, respectively.
The scheme was launched in July 2024 with an interest rate of 7.25 percent for general customers and 7.75 percent for senior citizens, as banks scrambled to get deposits.
The Reserve Bank of India (RBI) on April 9 cut the repo rate by 25 basis point (bps) to 6 percent while changing the stance to "accommodative" from "neutral".
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