SBI FD Rates: Big news for SBI customer’s. State Bank of India (SBI) has reduced the interest rates on fixed deposits (FD) by 0.20%. Now, on a 1-year FD in SBI, you will get 6.70% interest. The new interest rates will be applicable from April 15.
Earlier recently, Canara Bank and Kotak Mahindra Bank have also cut interest rates on FD. After the RBI’s repo rate cut, now banks are also cutting FD interest rates.
Changes in interest rates of ‘Amrit Vrishti’ special deposit scheme
SBI has also changed the interest rates of a special deposit scheme named ‘Amrit Vrishti’. Under this scheme, general citizens will be given 7.05% annual interest on FD for 444 days. Senior citizens will be given 7.55% annual interest and super senior citizens will be given 7.65% annual interest.
SBI ‘WeCare’ scheme
SBI is also running another special term deposit (FD) scheme ‘WeCare’. Under this scheme of SBI, senior citizens will get an extra interest of 50 basis points on deposits (FD) of 5 years or more. Senior citizens get 0.50% more interest than the general public on retail term deposits of less than 5 years.
In such a situation, under the ‘WeCare Deposit’ scheme, senior citizens will get 1% more interest on FDs of 5 years or more than normal citizens. Accordingly, senior citizens are getting 7.50% interest on FDs for 5 years or more.
Canara Bank now offers 6.85% interest on 1 year FD According to the new interest rates, if you make an FD for 1 year in Canara Bank, you will get interest at the rate of 6.85% per annum. At the same time, you will get 7.15% interest on 2-year FD, 7.20% on 3-year FD and 6.70% on 5-year FD. At the same time, the bank is offering 7.25% interest on 444 days FD.