SBI FD Rates: The country’s largest public sector bank, State Bank of India (SBI), has again given a big shock to its customers. The bank has cut the interest rates on fixed deposits (FD). According to the information given on the bank’s website, the new interest rates have come into effect from May 16, 2025. SBI has cut 20 basis points (bps) on all tenures. This cut will be applicable to general customers as well as senior citizens.
SBI Latest FD Rates
Now common citizens will get annual interest rate of 3.30 percent to 6.70 percent on SBI FD, which was earlier 3.50 percent to 6.90 percent. This reduction will be applicable on FDs of less than Rs 3 crore and special FD schemes are not included in it.
Reduced interest rates for senior citizens
SBI has also reduced interest rates for senior citizens. Now they will get interest rates ranging from 3.80 percent to 7.30 percent, which includes the bank’s special scheme SBI WeCare Deposit. Earlier this rate was between 4 percent to 7.50 percent. These new rates of SBI will also be applicable for those senior citizens who are making FDs of less than Rs 3 crore.
SBI Amrit Vrishti Scheme
Interest rates have also been cut on Amrit Vrishti Yojana, which is a special FD scheme of SBI. The duration of this scheme is 444 days and now common citizens will get 6.85 percent interest on it, which was 7.05 percent earlier. Senior citizens are being given an interest rate of 7.35 percent under this scheme. At the same time, super senior citizens (80 years of age or above) will get 7.45 percent annual interest on this scheme.
Interest rates were also reduced in April
It is worth noting that this is SBI’s second FD rate cut in a month. Earlier, the bank had also cut FD rates on 15 April 2025. This two consecutive cuts have come as a big blow to investors, especially retired people and senior citizens who prefer FD as their safe investment option.