SBI Cuts FD Interest Rates, Senior Citizens to Get More Benefits from April 15

New Delhi (The Uttam Hindu): The country's largest public sector bank, State Bank of India (SBI) has announced changes in its fixed deposit (FD) interest rates. The new rates will be effective from April 15, 2025. The bank has cut interest rates by 10 basis points on FDs with tenures of 1 to 3 years for both general customers and senior citizens.

After the change, senior citizens will now get 7.20% interest on FDs with tenures ranging from 1 year to less than 2 years, which was 7.30% earlier. At the same time, the interest rate on FDs with tenures ranging from 2 years to less than 3 years has come down from 7.50% to 7.40%. For other tenures, senior citizens will get interest rates ranging from 4% to 7.50% on FDs ranging from 7 days to 10 years.

SBI has relaunched its special FD scheme "Amrit Kalash" with revised interest rates. In this scheme with a tenure of 444 days, general citizens will now get an interest rate of 7.05% per annum, which was earlier 7.25%. Senior citizens will get an interest rate of 7.55% per annum under this scheme, which includes an additional discount of 50 basis points. Earlier, senior citizens used to get 7.75% interest under this scheme. This move of SBI may have a slight impact on the earnings of customers investing in FD. However, the bank says that this change has been made in view of the current market conditions. FD still remains a safe and popular option for investors.