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SBI lowers FD rates by 20 basis points. With effect from May 16, the biggest lender in India, State Bank of India (SBI), lowered fixed deposit rates by 20 basis points for all tenors. The bank’s website states that both the general public and older folks are eligible for the interest rate reduction on retail domestic term deposits under Rs3 crore.

The highest interest rate for investors is 6.7% for deposits that are two years to less than three years and 6.55% for deposits that are three years to less than five years, starting on May 16. The general public currently receives 6.30 percent interest on fixed deposits with a period of five to ten years, while deposits with a length of one year to less than two years get 6.5 percent. With effect from May 16, 2025, the interest rate for the particular tenor plan of “Amrit Vrishti” (444 days) has also been changed from 7.05% to 6.85%.

The increased advantages in interest rates are available to elderly people and super senior citizens (those over 80). Following the RBI’s policy rate decreases, SBI lowered deposit rates by 10–25 basis points last month as well. In order to stimulate growth in the face of the possibility of reciprocal tariffs from the US, the Reserve Bank cut the benchmark interest rate by 25 basis points in April for the second consecutive month.