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The State Bank of India (SBI), the country’s largest public sector lender, has adjusted the interest rate for its special fixed deposit offering, Amrit Vrishti, in response to broader changes in the financial landscape. While other standard term deposit rates remain unchanged, the revised rate for this scheme is effective from June 15, 2025.

The decision follows the Reserve Bank of India’s move to slash the repo rate by 50 basis points during its June monetary policy review, a move that has already prompted several private and public banks, including ICICI Bank, HDFC Bank, and Canara Bank, to reduce their deposit rates.

New Rates Under Amrit Vrishti Scheme

Under the revised structure, the Amrit Vrishti fixed deposit, which offers a tenure of 444 days, will now provide an annual interest rate of 6.6 per cent for general depositors. This marks a reduction of 25 basis points from the previous rate of 6.85 per cent. According to SBI’s official website, “The interest rate of the specific tenor scheme of 'Amrit Vrishti' (444 days) has also been revised from 6.85 per cent to 6.60 per cent with effect from 15 June 2025. Senior Citizens and Super Senior Citizens are eligible for their additional benefits in rate of interest.”

Additional Benefits For Senior And Super Senior Citizens

Senior citizens can now earn 7.10 per cent per annum under the same scheme. For Super Senior Citizens (individuals aged 80 and above), the rate stands at 7.20 per cent, thanks to the 10 basis point premium offered over and above the senior citizen rate.

Penalties For Premature Withdrawal

In the event of early withdrawal, SBI will impose penalties. For deposits up to Rs 5 lakh, a 0.50 per cent penalty applies. Deposits above Rs 5 lakh but below Rs 3 crore will incur a 1 per cent penalty. No interest is payable if the deposit is withdrawn within 7 days of placement.

SBI’s Standard FD Rates Remain Unchanged

As of June 2025, SBI continues to offer interest rates ranging from 3.30 per cent to 6.70 per cent for general customers on tenures between 7 days and 10 years. For senior citizens, the rates fall between 3.80 per cent and 7.30 per cent, including benefits from schemes like SBI We Care.