Mumbai: The State Bank of India (SBI) has lowered the interest rates on its fixed deposits (FDs) and savings accounts. These new rates are effective from June 15, 2025.
This change comes after the Reserve Bank of India (RBI) cut the repo rate by 50 basis points on June 6, 2025. Following this, other major banks like HDFC and ICICI also lowered their deposit rates.
New fixed deposit (FD) rates
SBI has cut FD interest rates by 25 basis points for all regular term deposits.
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General customers will now get interest between 3.05 percent and 6.45 percent.
Senior citizens will earn between 3.55 percent and 7.05 percent, which includes extra interest under the SBI Wecare scheme.
Earlier, these rates were:
- 3.3 percent to 6.7 percent for general customers
- 3.8 percent to 7.3 percent for senior citizens
- Savings account rate now same for all
SBI has made the savings account interest rate uniform at 2.5 percent per annum, no matter the account balance.
Earlier, the bank was offering:
- 2.7 percent for balances below Rs 10 crore
- 3 percent for Rs 10 crore and above
Amrit Vrishti FD rate lowered
The special fixed deposit scheme Amrit Vrishti, with a term of 444 days, now offers 6.60 percent interest.
This is down from 6.85 percent.
Senior citizens and super senior citizens will still get extra interest as per existing rules.
Non-callable FD rates updated
For non-callable retail term deposits (Rs 1.01 crore to less than Rs 3 crore), the revised interest rates are available on SBI’s website as of June 16, 2025. These deposits cannot be withdrawn before maturity.
SBI customers should review the new rates and plan their savings accordingly.
