After a change in the repo rate by the Reserve Bank of India, the process of change in fixed deposits by banks has now been started. State Bank of India (SBI) has also changed the interest rate of its fixed deposits. The bank has announced a cut of 10 Basis points on the fixed deposit of select tenure.
How long will new interest rates be implemented?
Let us tell you that the new interest rates will be applicable from 15 April 2025. The bank has announced a cut of 10 Basis Points on 1 to 3 -year tenure for general customers and senior citizens. Along with this, the bank has launched the special “Amrit Vrishti” FD Scheme. In this special fixed deposit, customers have to deposit money for 444 days.
SBI is getting the interest rate from 3.50% to 6.9% from 7 days to 10 years of tenure. At the same time, this tenure is getting 4% to 7.50% interest rate for senior citizens. The bank has reduced the interest rate from 6.80% to 6.70% on a tenure of less than 1 year to 2 years. The interest rate on tenure less than 2 years to 3 years has been reduced from 7.00% to 6.90%.
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