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.