SBI Cuts FD Rates by 10 bps for These Two Tenures—Effective Today
Effective April 15, the State Bank of India (SBI) has reduced its fixed deposit (FD) interest rates for two tenures — 1 to 2 years and 2 to 3 years.
Banking
Within a week of the Reserve Bank of India (RBI) slashing its repo rate by 25 basis points, the State Bank of India (SBI) has followed suit by trimming its fixed deposit (FD) interest rates by up to 10 basis points across select tenures.
For general depositors, the interest rate on one-year FDs has been reduced from 6.80% to 6.70%, while the rate for FDs of 2-3 years has dropped from 7% to 6.90%.
Senior citizens will also see a reduction. For FDs with a tenure of 1-2 years, the interest rate is now 7.20%, down from 7.30%. On 2-3-year deposits, the revised rate stands at 7.40%, compared to the earlier 7.50%.
Updated FD Rates (General Citizens):
Tenure Earlier Rate (%) Revised Rate (%)
1-2 years 6.80 6.70
2-3 years 7.00 6.90
Special Scheme – Amrit Vrishti (444 Days):
Effective April 15, SBI is offering 7.05% interest under its 444-day special FD scheme. Senior citizens will receive 7.55%, while super senior citizens are entitled to 7.65%.
Other Tenure Rates Remain Unchanged:
7–45 days: 3.5% (4% for seniors)
46–179 days: 5.5% (6% for seniors)
180–210 days: 6.25% (6.75% for seniors)
211 days–<1 year: 6.5% (7% for seniors)
3–5 years: 6.75% (7.25% for seniors)
5–10 years: 6.5% (7.5% for seniors)
This move aligns with broader expectations of rate adjustments across the banking sector following the RBI's policy easing.
