New Delhi: 

The State Bank of India (SBI) has reduced its fixed deposit (FD) interest rates with effect from May 16, 2025. The country’s largest public sector bank has slashed FD rates by 20 basis points (bps) across all tenors. The new rate of interest will be applicable on general and senior citizens. The bank had announced a cut in its FD interest rates on April 15, 2025.

With a 20 bps reduction across all Fixed Deposit tenures, now SBI will be offering FD interest rates between 3.30 percent and 6.70 percent per annum for amounts below Rs 3 crore. Senior citizens will be eligible to get 0.50 percent more. Earlier, the public sector lender had fixed the interest rates between 3.50% and 6.9% per annum for tenors ranging from 7 days to 10 years.

The SBI reduced its interest rates on Fixed Deposit schemes after the Reserve Bank of India (RBI) announced a repo rate cut in the first week of April 2025. The RBI cut the key interest rate by 25 basis points to 6 per cent providing relief to home, auto and corporate loan borrowers.

SBI has also revised interest rate of specific tenor scheme of Amrit Vrishti (444 days) from 7.05 percent to 6.85 percent with effect from 16th May 2025. Senior Citizens and Super Senior Citizens are eligible for their additional benefits in rate of interest.

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