New Delhi: Days after RBI announcement on repo rate reduction, the country’s largest lender State Bank of India (SBI) has announced to reduce its savings bank account rate by up to 50 basis points (bps) across all account balances. The new SBI savings rates are effective from 15 June 2025.
SBI has also slashed interest rates on fixed deposits below Rs 3 crore by 25 basis points on different tenors effective from 15 June 2025.
Meanwhile, SBI has also slashed the interest rates for its term deposit scheme Amrit Vrishti from 6.85 percent to 6.60 percent with effect from 15 June 2025.
“The interest rate of specific tenor scheme of “Amrit Vrishti”(444 days) has also been revised from 6.85% to 6.60% wef 15-June-2025. Senior Citizens and Super Senior Citizens are eligible for their additional benefits in rate of interest,” SBI has mentioned in its website.
An additional benefit of 10 bps is applicable for Super Senior Citizens (80 years and above) over the interest rate applicable for senior citizens. The scheme is not applicable to Recurring Deposit Scheme, Green Rupee Term Deposit, Tax Savings Scheme 2006, MODS, Capgain Scheme and Non-Callable Term Deposits, SBI added.
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