FD Rate: You will get this much interest on FD of 444 days, check the interest rate

SBI: The country’s largest public sector bank, State Bank of India (SBI), has given two shocks to its customers simultaneously. The bank has not only reduced the interest rate on its regular fixed deposit (FD), but has also reduced the interest rate on its special scheme ‘Amrit Vrishti FD’ by 0.20%

SBI: The country’s largest public sector bank, State Bank of India (SBI), has given two shocks to its customers simultaneously. The bank has not only reduced the interest rate on its regular fixed deposit (FD), but has also reduced the interest rate on its special scheme ‘Amrit Vrishti FD’ by 0.20%. The new rates will be considered effective from April 15, 2025.

Change came after RBI’s cut

The Reserve Bank of India (RBI) has recently cut the repo rate twice. Since then, many big banks have reduced interest on their FD schemes. HDFC Bank, Yes Bank, Bank of Baroda and Punjab & Sind Bank have already reduced interest rates. Now SBI has also joined this list.

What is Amrit Vrishti FD Scheme?

Amrit Vrishti FD is a 444-day special fixed deposit scheme of SBI. Earlier the interest rates on it were as follows:

General customer: 7.25%

Senior Citizen: 7.75%

Super Senior Citizen (80+ years): 7.85%

But now from April 15, the interest rates have been reduced to:

General customer: 7.05%

Senior Citizen: 7.55%

Super Senior Citizen: 7.65%

On whom will the new rates apply?

This scheme will be applicable on FDs with investment less than Rs 3 crore.

These rates can also be applicable on new investments and renewal of existing FDs.

This change will not apply to recurring deposits, tax saving FDs, annuities and multi option deposits.

Interest can be paid on monthly, quarterly or half-yearly basis.

How to invest?

SBI customers can invest in this scheme by visiting any branch of the bank or through YONO SBI, YONO Lite mobile app and internet banking. When you choose a period of 444 days, this scheme will be automatically implemented. The reduction in interest rates may disappoint those who invest in FD, but investing in a safe institution like SBI is still considered a reliable option.

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