SBI Slashes Down Fixed Deposit, Savings Account Interest Rates - Know What's Applicable For You

State Bank of India (SBI) has reduced interest rates on fixed deposits (FDs) and savings accounts effective June 15, 2025. The revision affects depositors across all tenure slabs.

Savings account rate cut down

SBI has cut its savings account interest rate by 5 basis points (bps).

The new rate is 2.65 per cent per annum, down from 2.70 per cent.

This rate applies to all savings bank account balances, regardless of the amount.

SBI Fixed Deposit Rates 

For below Rs 3 crore, SBI has reduced fixed deposit interest rates across all maturities. The cuts range between 5–75 bps depending on the tenure.

FD Rates Regular Customers 

For below Rs 3 crore, the fixed deposit rate for regular customers falling under this bracket 4.25 per cent for a period of 46 - 179 days, 5.25 per cent for anywhere between 180 – 210 days, 5.50 per cent for 211 days – less than 1 year, 6.30 per cent for 1 year – less than 2 years.
and 6.50 per cent for the period of 2 years – less than 3 years.

Senior Citizens (50 bps over regular rates)

Coming to senior citizens, the new rate applicable on fixed deposits is 4.75 for a period of 46 – 179 days, for 180 – 210 days it is 5.75 per cent, 6.00 per cent for 211 days – less than 1 year, 6.80 per cent for 1 year – less than 2 years, and 7.00 per cent for 2 years – less than 3 years.

Special FD schemes also impacted

SBI’s special 400-day “Amrit Kalash” FD scheme, that offered higher returns has been withdrawn. Earlier, it offered 7.10 per cent for regular customers and 7.60 per cent for senior citizens. The modifications come in after RBI's recent policy easing, prompting banks to lower deposit rates.

Earlier, ICICI Bank also lowered its FD interest rates. For deposits below Rs 3 crore, it now offers 6.60 per cent for tenures between 2 years 1 day and 10 years. Senior citizens receive up to 7.10 per cent.