SBI Reduces FD Interest Rates: 1-Year FD to Earn 6.70% Interest — Check New Rates
The State Bank of India (SBI) has reduced its Fixed Deposit (FD) interest rates by up to 0.20%. With this change, a 1-year FD with SBI will now offer an annual interest rate of 6.70%. The revised rates will come into effect from April 15.
Other Banks Also Slash FD Interest Rates
Following the Reserve Bank of India’s (RBI) repo rate cut, several banks have begun lowering their FD rates. Recently, Canara Bank and Kotak Mahindra Bank have also reduced interest rates on their fixed deposits.
Changes in SBI’s ‘Amrit Kalash’ Special Deposit Scheme
SBI has also revised interest rates under its special FD scheme called ‘Amrit Kalash’:
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Regular citizens will receive 7.05% interest for a 444-day deposit.
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Senior citizens will earn 7.55%, and
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Super senior citizens will get 7.65% annual interest.
SBI ‘WeCare’ Scheme for Senior Citizens
SBI continues to offer its special term deposit scheme for senior citizens called ‘WeCare’:
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Under this scheme, senior citizens receive an additional 0.50% interest on retail term deposits of 5 years or more.
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Compared to regular depositors, senior citizens can earn up to 1% higher interest for FDs of 5 years or more.
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As a result, they are currently receiving 7.50% interest on long-term deposits.
Latest FD Interest Rates from Other Banks
Canara Bank:
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1 year: 6.85%
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2 years: 7.15%
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3 years: 7.20%
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5 years: 6.70%
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444-day FD: 7.25%
Kotak Mahindra Bank:
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1 year: 7.10%
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2 years: 7.15%
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3 years: 7.00%
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5 years: 6.20%
