SBI slashes fixed deposit rates from April 15: here’s what changes

SBI is reintroducing its 444-day extended special deposit scheme ‘Amrit Vrishti’ with lower interest rates.

10 bps Cut for 1–3 Year Tenures

The State Bank of India (SBI) will reduce interest rates on select fixed deposits (FDs) starting April 15, 2025. The revision affects FDs with tenures ranging from 1 year to less than 3 years, with a 10 basis points (bps) cut for both the general public and senior citizens.

Updated FD Rates for Key Tenures

Here’s a snapshot of the revised FD interest rates applicable from April 15:

TenureGeneral Public (Old → New)Senior Citizens (Old → New)

7 days to 45 days 3.5% → 3.5% 4% → 4%

46 days to 179 days 5.5% → 5.5% 6% → 6%

180 days to 210 days 6.25% → 6.25% 6.75% → 6.75%

211 days to less than 1 year 6.5% → 6.5% 7% → 7%

1 to <2 years 6.8% → 6.7% 7.3% → 7.2%

2 to <3 years 7% → 6.9% 7.5% → 7.4%

3 to <5 years 6.75% → 6.75% 7.25% → 7.25%

5 to 10 years 6.5% → 6.5% 7.5% → 7.5%

‘Amrit Vrishti’ Special FD Returns with Lower Rates

SBI is also relaunching its special deposit scheme, ‘Amrit Vrishti’, which offers an FD tenure of 444 days. However, rates under this scheme are slightly lower than when it was first launched in July 2024:

Also read: Bank of India cuts home loan interest rates following RBI’s repo rate reduction

• General Public: 7.05% (down from 7.25%)
• Senior Citizens: 7.55% (down from 7.75%)
• Super Senior Citizens: 7.65%

Why the Rate Cut Now?

The move follows the Reserve Bank of India’s (RBI) decision on April 9 to cut the repo rate by 25 bps to 6%, while also shifting its stance from ‘neutral’ to ‘accommodative’. The cut is aimed at boosting liquidity and economic growth amid global uncertainties, and banks like SBI are now aligning their rates with the central bank’s policy easing.