SBI Adjusts FD Rates on Specific Short-Term Deposits

India’s largest public sector bank, the State Bank of India (SBI), has announced a reduction in interest rates for select short-term fixed deposits (FDs) by 15 basis points. This change will take effect on July 15, 2025, impacting tenures ranging from 46 days to less than one year. The new rates apply to both general customers and senior citizens, reflecting a broader trend in the banking sector.

Revised FD Rates for General Customers

SBI has adjusted its interest rates for three specific short-term FD tenures. For deposits maturing in 46 to 179 days, the interest rate has decreased from 5.05% to 4.90%. Similarly, for tenures of 180 to 210 days, the new rate is set at 5.65%, down from the previous 5.80%. Additionally, deposits with tenures of 211 days to less than one year will now earn an interest rate of 5.90%, a reduction from the earlier rate of 6.05%. These changes are part of SBI’s ongoing efforts to align its rates with market conditions and customer needs.

Impact on Senior Citizens

Senior citizens will also experience a parallel reduction of 15 basis points on the same short-term tenures. For deposits maturing in 46 to 179 days, the interest rate has been lowered from 5.55% to 5.40%. For tenures of 180 to 210 days, the new rate stands at 6.15%, down from 6.30%. Furthermore, for deposits with tenures of 211 days to less than one year, the interest rate has been adjusted to 6.40%, compared to the previous rate of 6.55%. This adjustment aims to provide competitive returns while ensuring that the bank remains responsive to the financial landscape.

Additional Benefits for Super Senior Citizens

Under the SBI Patrons scheme, super senior citizens, defined as individuals aged 80 years and above, are eligible for an additional 10 basis points over the applicable senior citizen FD rates. This benefit, however, does not extend to certain schemes, including the Recurring Deposit Scheme, Green Rupee Term Deposit, Tax Savings Scheme 2006, MODS, Capgain Scheme, and Non-Callable Term Deposits. This initiative highlights SBI’s commitment to supporting the financial well-being of its older customers.

Special Scheme: Amrit Vrishti FD

In addition to the revised rates, SBI continues to offer the Amrit Vrishti fixed deposit scheme, which has a tenure of 444 days. As of June 15, 2025, the interest rate for general customers under this scheme is 6.60%. Senior citizens can benefit from a higher rate of 7.10%, while super senior citizens enjoy an even more favorable rate of 7.20%. This scheme is designed to provide attractive returns for longer-term investments, catering to the diverse needs of SBI’s customer base.

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