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SBI Reduces Fixed Deposit Rates for Second Time in Two Months

India’s largest public sector lender announces up to 20 basis point cuts effective May 16, aligning with RBI’s monetary easing policies.

Fixed deposits | Image: Unsplash
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Overview

  • State Bank of India (SBI) has reduced fixed deposit (FD) interest rates by up to 20 basis points across various tenors, effective May 16, 2025.
  • Revised rates for domestic retail term deposits under ₹3 crore range from 6.30% to 6.70%, with the 'Amrit Vrishti' scheme now offering 6.85%.
  • Senior citizens and super senior citizens continue to receive additional interest rate benefits as per SBI’s existing policies.
  • The rate cuts follow the Reserve Bank of India’s April 2025 policy repo rate reduction to 6%, aimed at stimulating economic growth.
  • SBI’s stock price rose modestly to ₹793.95 on the Bombay Stock Exchange following the announcement.