New Delhi: The State Bank of India (SBI) has revised interest rates on fixed deposits (FDs) across specific tenures, effective 15 April. The public sector lender has reduced rates by 10 basis points for medium-term deposits ranging from one to less than three years.
This adjustment comes amid broader expectations of a monetary policy shift by the Reserve Bank of India (RBI).
Key Rate Changes Across Tenures
Following the revision by SBI, FDs with a tenure of one year to less than two years will now offer 6.70 per cent interest, down from 6.80 per cent for general customers. The interest has been lowered from 7.00 per cent to 6.90 per cent for deposits with a tenure of two years to less than three years.
Senior citizens will also see a rate cut for the same tenures. Deposits from one year to less than two years will earn 7.20 per cent (down from 7.30 per cent), while those for two to less than three years will get 7.40 per cent (down from 7.50 per cent).
These adjustments signal a cautious approach from the bank, likely in anticipation of a 25-basis point repo rate cut by the RBI from 6.25 per cent to 6 per cent.
‘Amrit Vrishti’ Scheme Returns with Revised Interest
Alongside the rate revision, SBI has reintroduced its special deposit scheme, ‘Amrit Vrishti’, with a 444-day tenure. The scheme, now offering 7.05 per cent interest for general customers and 7.55 per cent for senior citizens, reflects a 20 basis point reduction from its previous rate of 7.25 per cent.
Super senior citizens (above 80 years of age) will receive a slightly higher interest of 7.65 per cent under this scheme. The rate changes for the special deposit also come into effect from 15 April.
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