SBI FD Rates– Big news for SBI customers. The country’s largest government bank first made customers happy by reducing the interest rates on home loans. Then it shocked those who invested in FDs. Actually, the bank has reduced the interest rates on FDs of ‘Amrit Vrishti’ scheme (SBI FD Rate). The new interest rates on this fixed deposit will be applicable from June 15. That is, now investors will get less return on it. No change has been made in the interest rates of other FDs by the bank.
Last week, most banks including ICICI Bank, HDFC Bank and Canara Bank cut interest rates on FDs. This reduction has been done after the Reserve Bank of India cut the repo rate by 50 basis points.
Now how much interest will be available on SBI’s ‘Amrit Vrishti’ FD scheme?
State Bank of India has reduced the interest rate of ‘Amrit Vrishti’ FD scheme by 25 basis points. For common citizens, the interest rate for a period of 444 days is now 6.6%. Earlier it was 6.85%. This change will come into effect from June 15. At the same time, senior citizens and super senior citizens will be given special benefits. Senior citizens are given an interest of 7.10% per annum on this special FD scheme.
At the same time, super senior citizens (80 years and above) get an additional benefit of 10 basis points over and above the interest rate applicable for senior citizens. Senior citizens aged 80 years and above are given an interest rate of 7.20% per annum.
If the FD made under this scheme is broken before time, then a penalty is imposed on it. There is a penalty of 0.50% on prematurely breaking a retail FD up to Rs 5 lakh. At the same time, there is a penalty of 1% on prematurely breaking an FD of less than Rs 5 lakh to Rs 3 crore.