SBI has reduced the interest rate on its special FD Amrit Vrishti Yojana. This means that now investors will get less interest on deposits under this scheme than before.
SBI Amrit Vrishti FD: The country’s largest public sector bank, State Bank of India (SBI), has given a big shock to FD investors. SBI has reduced the interest rate on its special FD “Amrit Vrishti” scheme. The new interest rate is effective from June 15, 2025. This means that now investors will get less interest on deposits under this scheme than before. However, SBI has not made any changes in other regular FD interest rates.
How much has been cut
Interest rates under the Amrit Vrishti scheme have been cut by 25 basis points (bps). The interest rate for general citizens is now 6.6% per annum for a period of 444 days, whereas earlier this rate was 6.85% per annum. Senior Citizens and Super Senior Citizens are eligible for their additional benefits in the interest rate.
Senior citizens are now offered an interest rate of 7.10% per annum on SBI’s special FD scheme. An additional benefit of 10 bps is applicable over and above the interest rate applicable for senior citizens (80 years and above). After the amendment, super senior citizens (80 years and above) are now offered an interest rate of 7.20% per annum.
Penalty on premature withdrawal
A penalty of 0.50% will be applicable for premature withdrawal (across all tenures) for retail FDs up to Rs 5 lakh. The penalty applicable for premature withdrawal for retail FDs above Rs 5 lakh but less than Rs 3 crore will be 1% (across all tenures).
Last week, most banks, including ICICI Bank, HDFC Bank and Canara Bank, cut their fixed deposit interest rates after the Reserve Bank of India cut the repo rate by 50 basis points in its June monetary policy meeting.
We have taken all measures to ensure that the information provided in this article and on our social media platform is credible, verified and sourced from other Big media Houses. For any feedback or complaint, reach out to us at businessleaguein@gmail.com
