There is bad news for the customers of State Bank of India (SBI). SBI has reduced the interest rate on its regular FD. Along with this, the bank has reduced the interest rate on its special FD Amrit Vrishi by 0.20 percent.
SBI had closed its existing special FD Amrit Kalash in early April. Now the interest rate on the 444-day special FD that runs with it has also been reduced. These new rates will be effective from April 15, 2025.
After the Reserve Bank of India (RBI) cut the repo rate for the second time in the Monetary Policy Committee (MPC) meeting, most banks are reducing interest rates on their FDs. So far, many banks have reduced interest rates on FDs. HDFC Bank, Yes Bank, Bank of Baroda and Punjab and Sind Bank have already cut FD rates, which is a sign of the beginning of a bigger trend. Now the country’s largest public sector bank SBI has also joined this number.
SBI’s Amrit Vrishti FD
Amrit Vrishti FD scheme is a special FD scheme of 444 days. Till now, 7.25% interest was being given to general customers, 7.75% interest to senior citizens and 7.85% annual interest to super senior citizens above 80 years of age. Now from April 15, 2025, this FD will give 7.05% annual interest to general customers, 7.55% to senior citizens and 7.65% to super senior citizens above 80 years of age. SBI has reduced the interest on this FD by 0.20 percent.
