The State Bank of India (SBI) has brought back its special fixed deposit scheme ‘Amrit Vrishti’, effective from 15th April 2025. This scheme, characterised by a 444-day tenor, had previously concluded on 31st March 2025 after several extensions since its initial launch on 15th July 2024. The reintroduced scheme offers an appealing interest rate of 7.55% for senior citizens, while super senior citizens benefit from a slightly higher rate at 7.65%.
According to SBI’s official website, “The specific tenor scheme of ‘444 days’ (Amrit Vrishti) at Rate of Interest 7.05% is effective from 15th April 2025 and Senior Citizens are offered a Rate of interest 7.55%. Super Senior Citizens are offered a Rate of Interest 7.65%.” This move appears to be part of SBI’s strategy to enhance its deposit mobilisation efforts in the retail sector, with a focus on offering competitive interest rates to attract senior depositors.
Previously, the ‘Amrit Vrishti’ FD offered higher rates of 7.25% to the general public and 7.75% to senior citizens. However, the reintroduced rates reflect a 20 basis point reduction for seniors, aligning with broader adjustments in interest rates across various tenures. This reduction is likely a response to shifts in the repo rate, which influences the bank’s lending rates.
In addition to the changes in the ‘Amrit Vrishti’ scheme, SBI has adjusted rates for other fixed deposit tenures. For instance, the interest rate for deposits of one year to less than two years has been reduced to 7.20% from a previous 7.30%, while the rate for two years to less than three years now stands at 7.40%, down from 7.50%. These revisions reflect a broader trend of rate adjustments in the banking sector.
As of now, there is no specified closing date for applications to the ‘Amrit Vrishti’ scheme, providing potential depositors with flexibility in their investment planning. The revised fixed deposit rates for seniors as of 15th April 2025 range from 4.00% for the shortest tenures to 7.50% for long-term deposits of five to ten years, ensuring a variety of options for different investment horizons.
The bank has recently decreased the interest rates for select Fixed Deposits (FDs) durations as follows:
1 year to less than 2 years: Now at 7.20% (previously 7.30%)
2 years to less than 3 years: Now at 7.40% (previously 7.50%)
Revised FD rates effective April 15, 2025:
The bank has adjusted the interest rates for various Fixed Deposit (FD) tenures. For seniors, the revised rates are as follows:
4.00 per cent for 7 days to 45 days
6.00 per cent for 46 days to 179 days
6.75 per cent for 180 days to 210 days
7.00 per cent for 211 days to less than 1 year
7.20 per cent for one year to less than two years
7.40 per cent for two years to less than three years
7.25 per cent for three years to less than five years
7.50 per cent for five years and up to 10 years
Please note that the bank has not specified a deadline for applying for these revised FD rates.
