SBI cuts FD interest rates:’Amrit Vrishti’ scheme now offers 6.45% interest, investment opportunity in ‘WeCare’ scheme

The recent 0.25% cut in the Reserve Bank’s repo rate is starting to have an effect. The State Bank of India (SBI) has reduced interest rates on fixed deposits (FDs). SBI has lowered interest rates on its special fixed deposit scheme, ‘Amrit Vrishti’, by 0.15%. Now, under the Amrit Vrishti scheme, an FD of 444 days will earn 6.45% per annum. Senior citizens will receive interest at 6.95% per annum. Additionally, the bank has reduced interest rates on FDs with a tenure of 2 years to less than 3 years by 0.05%. These FDs will now earn 6.40% instead of 6.45%. The new interest rates will be effective from 15 December. Investment opportunity in SBI ‘WeCare’ scheme SBI has not changed the interest rates for its special term deposit (FD) scheme, ‘WeCare’. Under this scheme, senior citizens receive an extra 0.50% interest on deposits of less than 5 years compared to the general public. For FDs of 5 years or more, senior citizens earn 1% higher interest than regular customers. Currently, senior citizens can get 7.05% interest on FDs of 5 years or longer under the ‘WeCare Deposit’ scheme. What happens when RBI reduces repo rate? 5 Important points about Fixed Deposit ​