State Bank of India (SBI) has made significant changes that will affect its customers. The bank has lowered the interest rates on both regular Fixed Deposits (FDs) and its special FD scheme, Amrit Vrishti.
The reduction in rates will be effective starting April 15, 2025. Additionally, the bank has discontinued its previous special FD, Amrit Kalash, earlier this month.
Along with these changes, the interest rate on the 444-day special FD has also been reduced by 0.20%.
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Impact of RBI’s Repo Rate Cuts
The Reserve Bank of India (RBI) has cut the repo rate twice in recent months during its Monetary Policy Committee (MPC) meetings.
As a result, many banks, including HDFC Bank, Yes Bank, Bank of Baroda, and Punjab and Sind Bank, have followed suit by reducing their FD interest rates.
Now, the country’s largest public sector bank, SBI, has joined the trend by lowering its rates.
Amrit Vrishti FD Scheme Details
The Amrit Vrishti FD is a special term deposit of 444 days. Previously, it offered 7.25% interest for general customers, 7.75% for senior citizens, and 7.85% for super senior citizens (above 80 years old).
However, starting April 15, 2025, the new rates will be 7.05% for general customers, 7.55% for senior citizens, and 7.65% for super senior citizens.
What is the SBI Amrit Vrishti Scheme?
This is a fixed deposit scheme with a duration of 444 days. Both domestic and NRI customers can participate in this scheme.
Terms and Conditions
The scheme applies to fixed deposits with an amount less than Rs 3 crore. It covers both new deposits and renewals of existing ones.
However, it is not available for recurring deposits, tax-saving deposits, annuity deposits, or multi-option deposits. Customers can choose to receive interest monthly, quarterly, or half-yearly.
How to Invest in Amrit Vrishti FD?
Customers can invest in this scheme through SBI branches, YONO SBI, YONO Lite mobile apps, or internet banking. The scheme will be automatically activated when the 444-day FD option is selected.