SBI FD Update: SBI has reduced interest on Amrit Vrishti FD of 444 days. The new rates have come into effect from today. This is a shock for FD investors.
SBI FD Update: The country’s largest public sector bank, State Bank of India (SBI), has reduced the interest rate on its special fixed deposit (FD) “Amrit Vrishti” scheme. The revised rate for Amrit Vrishti FD has come into effect from today i.e. June 15, 2025. Let us tell you that last week most of the banks including ICICI Bank, HDFC Bank and Canara Bank had cut interest rates on their FDs. This cut was made after the Reserve Bank of India (RBI) reduced the repo rate by 50 basis points for the third consecutive time. Due to the reduction in repo rate, banks have made loans cheaper, while on the other hand, they have reduced the interest on FD. Senior citizens have suffered the most due to the reduction in interest on FD.
Now how much interest will be available on Amrit Vrishti FD
After the latest revision by SBI, interest rates under Amrit Vrishti Yojana have been reduced by 25 basis points (bps). For general citizens, the interest rate is now 6.6% per annum for a period of 444 days, while earlier it was 6.85% per annum. According to the SBI website, the new rate has come into effect from June 15, 2025. Now senior citizens will get an interest rate of 7.10% per annum in this FD scheme. Super senior citizens (80 years and above) will now get an interest rate of 7.20% per annum.
Premature withdrawal charge
For retail term deposits up to Rs 5 lakh, a penalty of 0.50% is applicable for premature withdrawal (across all tenures). For retail term deposits of more than Rs 5 lakh but less than Rs 3 crore, the penalty applicable for premature withdrawal is 1% (across all tenures). If you are worried about the decreasing FD of banks, then you can choose the post office savings scheme. Even now, many post office savings schemes are giving higher returns than banks. That is, you can get more returns than banks by investing in the post office.
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