FD Rates: The country's largest bank, the Reserve Bank of India (RBI), has decided to cut the rates of FD (Fixed Deposit). This cut has been made in FDs made for a period of 1 year to 3 years.
FD Rates: The country's largest bank, Reserve Bank of India (RBI), has decided to cut the rates of FD (Fixed Deposit). This cut has been made in FDs made for a period of 1 year to 3 years. At the same time, the bank is again starting the Amrit Vrishti Scheme and its interest rates have also been cut. The new interest rates will be applicable from April 15, 2025.
State Bank of India is also reducing the interest rate by 10 basis points on the tenure of 1 year to 3 years. This reduction will be applicable to common citizens as well as senior citizens. Now, people will get 6.70 percent interest instead of 6.80 percent on tenure of 1 year to less than 2 years. On the other hand, people will get 6.90 percent interest instead of 7 percent on tenure of 2 years to less than 3 years.
Is Amrit Varshita Scheme coming again?
Amrit Varshita Scheme is being restarted by State Bank of India. This scheme ended on 31 March 2025. Under Amrit Varshita Scheme, people have to make FD for a duration of 444 days. This new scheme will come into effect from 15 April 2025. Big cut of 20 basis points
Under this scheme, common people were given 7.25 percent interest till March 31, 2025. At the same time, senior citizens used to get 7.75 percent interest on it. Now when the bank is starting it again, the bank has cut it by 20 basis points.
Interest rate reduced after reduction in repo rate
The interest rate cut by the State Bank of India has been done after the cut in repo rate by the Reserve Bank. Now State Bank of India will offer interest ranging from 3.5 percent to 6.9 percent. However, under the special FD scheme Amrit Vrishti, people will get 7.05 percent interest. Let us tell you that the Reserve Bank of India has recently cut the repo rate by 25 basis points. After this cut, the repo rate has come down from 6.25 percent to 6 percent.
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