#SBI #SBISlashesFDrates #SBIFixedDeposit #SBIFixedDeposit #SBiSavingsAccountRates
Mumbai: The State Bank of India (SBI), the country’s largest public sector bank, has announced a significant reduction in interest rates on its savings accounts and fixed deposits (FDs), effective from June 15, 2025. The move comes in response to the Reserve Bank of India’s (RBI) recent policy easing aimed at stimulating economic growth.
🔻 Savings Account Rate Cut
SBI has trimmed its savings account interest rate by 5 basis points. The new rate stands at 2.65% per annum, down from 2.70%. This revised rate applies uniformly across all account balances.
💰 Fixed Deposit Rate Cuts (Deposits below ₹3 crore)
The bank has reduced FD interest rates across all maturities, with cuts ranging from 5 to 75 basis points (bps). The new rates for regular customers are as follows:
| Tenure | Old Rate (%) | New Rate (%) |
|---|---|---|
| 7 – 45 days | 3.50 | 3.00 |
| 46 – 179 days | 4.75 | 4.25 |
| 180 – 210 days | 5.75 | 5.25 |
| 211 days – < 1 year | 6.00 | 5.50 |
| 1 year – < 2 years | 6.80 | 6.30 |
| 2 years – < 3 years | 7.00 | 6.50 |
| 3 years – < 5 years | 6.75 | 6.25 |
| 5 years – 10 years | 6.50 | 6.00 |
Senior citizens continue to enjoy an additional 50 bps over the revised rates, offering slightly higher returns across all tenures.
🚫 Special Scheme Withdrawn
SBI has also withdrawn its popular 400-day “Amrit Kalash” FD scheme, which previously offered attractive rates of 7.10% for regular depositors and 7.60% for senior citizens.
📉 Industry Impact
The move mirrors a broader trend among Indian banks adjusting their deposit rates following the RBI’s recent stance on monetary policy. ICICI Bank has also lowered its FD rates, now offering 6.60% for tenures between 2 years and 10 years for deposits below ₹3 crore, and up to 7.10% for senior citizens.
📌 Conclusion
These rate changes will affect millions of depositors across India. While borrowers may benefit from potentially lower lending rates, depositors—especially those dependent on fixed-income returns—may need to reassess their investment strategies in light of declining returns.
