The banks which have already cut their interest rates include HDFC Bank, Bank of Baroda, Kotak Mahindra and Union Bank of India. Following this, the country’s largest lender State Bank of India (SBI) also revised its interest rates on fixed deposits (FDs) as well as savings bank accounts starting June 15.
Latest revision
After the latest interest rate revision, SBI offers 2.5 percent interest on savings accounts. On fixed deposits (FD), SBI now offers 6.25 percent when the tenure is between 1 to 2 years against 6.5 percent earlier. On tenure between 2-3 years, the bank now offers 6.45 percent against 6.70 percent.
On tenure between 3-5 years, the bank now offers 6.30 percent against 6.55 percent earlier. And when the tenure is between 5-10 years, the bank now offers 6.05 percent against 6.30 percent earlier.
Specific tenor
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 June 15, 2025.
As far as short tenure (7-45 days) is concerned, the bank – with effect from June 15 – will offer 3.05 percent instead of 3.30 percent earlier.
On tenure between 46 to 179 days, the bank now offers 5.05 per cent instead of 5.30 percent.
The new rates on tenure between 180 to 210 days will be 5.80 percent instead of 6.05. And when the tenure is between 211 days to less than one year, the interest is 6.05 percent instead of 6.30 percent. Senior citizens are entitled to receive an extra 50 basis points.
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