SBI Cuts Interest Rates on Regular FD and 'Amrit Vrishti' Scheme: New Rates Effective April 15, 2025:

Suspense Crime,Digital Desk:SBI: The shock came as a double whammy for the customers of the State Bank of India(SBI), the largest public sector bank in the country. Not only has the bank slashed the interest rate on its regular fixed deposit(FD), but also on its special scheme ‘Amrit Vrishti FD,’ interest has been reduced by 0.20%. These new rates will be applicable from April 15, 2025.

Change came after RBI’s cut

Many of the big banks have reduced the interest on their FD schemes ever since the Reserve Bank of India(RBI) cut the repo rate twice recently. HDFC Bank, Yes Bank, Bank of Baroda and Punjab & Sind Bank have already cut down their interest rates. Now SBI joins the bandwagon.

What is Amrit Vrishti FD Scheme?

SBI’s Amrit Vrishti FD is a special fixed deposit scheme spanning 444 days. Earlier, the interest rates on it were as follows:

General customer: 7.25%

Senior Citizen: 7.75%

Super Senior Citizen(80+ years): 7.85%

From April 15, these will now get reduced to:

General customer: 7.05%
Senior Citizen: 7.55%
Super Senior Citizen: 7.65%

Who will the new rates apply to?

This scheme will be applicable on FDs with an investment of less than Rs 3 crore.

These rates can also be relevant for other new investment options as well as renewal of existing FDs.

Recurring deposits, tax saving FDs, annuities, and multi option deposits will not be covered under this modification.

Payment of interest may be done within the confines of a monthly, quarterly or half yearly timeframe.

How to invest?

Any SBI customer has the option to visit any branch of the bank or use YONO SBI/YONO Lite mobile app, or even the internet, to invest in the scheme. Choosing the 444 days period means this scheme will be applied automatically. Undoubtedly, the reduction in interest rates will be a letdown to some of the investors who intend to put their money in FD, however, it is still perceived that investing in a safe institution like SBI is a dependable choice.