SBI FD Update: Low Interest Rates on This Scheme Worry Senior Citizens, Check New Rates

India’s largest bank, the State Bank of India (SBI), has introduced significant changes to its term deposits. This will apply to all customers, from senior citizens to general citizens. The State Bank of India has made these changes to its MCLR and EBLR rates.

SBI officials had been considering this matter since the announcement of the repo rate. They have now acted accordingly. The bank has stated that the interest rate on term deposits up to ₹3 crore has been reduced from 6.45 percent to 6.40 percent. This will be effective for deposits with a tenure of two to three years.

About SBI’s 444-day Amrit Varsha scheme

The interest rate on SBI’s 444-day Amrit Varsha scheme has been changed. Previously, it was 6.60 percent, but it will now be reduced to 6.45 percent. For investments up to ₹3 crore, general citizens will now receive 6.05 percent interest, while senior citizens will receive 7.05 percent.

For fixed deposits, the interest rate for 7 to 45 days will range from 3.05 percent to 4.90 percent. The same interest rate will apply for 46 to 179 days. For 180 to 210 days, the interest rate will range from 5.65 percent to 5.9 percent. For one or two years, the interest rate will be 6.25 percent. However, those who invest for 5 years will receive 6.30 percent interest. Those who deposit money for 5 to 10 years will receive 6.05 percent interest.

Senior citizens will receive 3.55 percent interest for 7 to 45 days. For 46 to 179 days, they will receive 5.40 percent interest. For 180 to 210 days, the interest rate will be 6.15 percent. For 211 days, the interest rate will be 6.40 percent. For less than two years, the interest rate will be 6.75 percent. For 5 years, the interest rate will be 6.80 percent. For 5 to 10 years, the interest rate will be 7.05 percent.

SBI has always been a trusted institution for everyone. This change in interest rates will cause some difficulties for many, especially senior citizens. This bank was a significant source of security for them, and this reduction in interest rates is a considerable blow.