SBI Reduces FD Interest Rates, New Rates Effective June 15th
If you’re an SBI Fixed Deposit (FD) holder, get ready for some changes! The country’s largest public sector bank, State Bank of India, has reduced interest rates on all its FDs, with the new rates coming into effect on June 15th. This move follows the Reserve Bank of India’s (RBI) recent repo rate cut, prompting most banks to adjust their FD offerings.
SBI has decreased interest on its FDs by 0.15% to 0.25%. This applies to FDs of less than ₹3 crore. Even the popular Amrit Vrishti special FD (444 days) has seen a cut, with its interest rate dropping from 6.85% to 6.60%.
Good News for Senior Citizens!
While rates have generally fallen, senior citizens still get a good deal. They’ll continue to receive an additional 0.50% interest across all tenures. This means senior citizens will now earn 7.10% on the Amrit Vrishti FD.
For longer-term FDs, especially those ranging from 5 to 10 years, senior citizens can still benefit significantly. Thanks to the SBI WeCare scheme, they’ll receive a 7.05% interest rate on these longer-term deposits.
Updated SBI FD Interest Rates (Effective June 15th)
Here’s a quick look at the revised interest rates for FDs of less than ₹3 crore:
| Tenure | General Public | Senior Citizens |
|---|---|---|
| 7 days to 45 days | 3.05% | 3.55% |
| 46 days to 179 days | 5.05% | 5.55% |
| 180 days to 210 days | 5.80% | 6.30% |
| 211 days to less than 1 year | 6.05% | 6.55% |
| 1 year to less than 2 years | 6.25% | 6.75% |
| 2 years to less than 3 years | 6.45% | 6.95% |
| 3 years to less than 5 years | 6.30% | 6.80% |
| 5 years to 10 years | 6.05% | 7.05% |
| 444 days (Amrit Vrishti) | 6.60% | 7.10% |
These new rates reflect the current economic climate and the RBI’s efforts to manage liquidity. If you have an existing FD or are planning to open a new one, it’s a good idea to review these updated rates to make informed financial decisions.