SBI reduces interest rates on 'Amrit Vrishti' deposit scheme: Now earn up to 7.10% interest, check new rates here

SBI cuts interest rates on ‘Amrit Vrishti’ deposit scheme by 0.25%: Now 6.60% for regular customers, 7.10% for senior citizens

State Bank of India (SBI) has reduced the interest rate on its special fixed deposit scheme “Amrit Vrishti” by 0.25%. Now, for a 444-day FD, the bank will offer 6.60% per annum for regular customers and 7.10% per annum for senior citizens.

However, there is no change in interest rates for SBI’s other regular fixed deposits.
The revised rates will be effective from 15th June 2025.

This move comes after the RBI reduced the repo rate by 50 basis points.

nvestment Opportunity in SBI 'V-Care' Scheme

State Bank of India (SBI) is offering a special term deposit (FD) scheme called 'V-Care' for senior citizens. Under this scheme, senior citizens get an additional 50 basis points (0.50%) interest on FDs with a tenure of 5 years or more.

Normally, senior citizens get 0.50% higher interest than general customers on FDs of less than 5 years. Under the 'V-Care Deposit' scheme, they get a total of 1% extra interest on FDs of 5 years or more. Currently, senior citizens are earning 7.30% interest for such deposits.

Key Features of Fixed Deposits

Fixed Interest Rate
You receive a guaranteed interest rate. For example, if you invest ₹1 lakh at 7% for 5 years, you will get the principal plus the accumulated interest on maturity. Interest can be either simple or compound.
Flexible Tenure
FD tenure can range from 7 days to 10 years. Short-term deposits usually offer lower interest rates, while long-term deposits offer higher returns.
Safety of Funds
FDs are considered a safe investment, especially with reputed banks or NBFCs. In India, deposits up to ₹5 lakh are insured, even if the bank defaults.
Liquidity Option
You can withdraw your FD before maturity if needed, but it may attract a penalty and lower interest rate.
Tax Benefits
A 5-year tax-saving FD qualifies for tax deduction up to ₹1.5 lakh under Section 80C. However, the interest earned is taxable.