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State Bank of India (SBI) has cut the interest rates of fixed deposits (FD) by up to 0.20%. SBI will now get 6.70% interest on providing 1 year FD. The new interest rates will be applicable from April 15.
Earlier, recently Canara Bank and Kotak Mahindra Bank have also cut interest rates on FD. After cutting the repo rate of RBI, banks are also cutting the interest rates of FD.
Changes in interest rates of ‘Amrit Vrishti’ Special Deposit Scheme SBI has also changed the interest rates of a special deposit scheme named ‘Amrit Vrishti’. Under this scheme, 7.05% annual interest will be given to ordinary citizens on providing FD for 444 days. At the same time, interest will be given to senior citizens at 7.55% annually and 7.65% to Super Senior Citizens.
SBI ‘Wekare’ scheme also opportunity to invest SBI is also running another special term deposit (FD) scheme ‘Veekear’. In this scheme of SBI, senior citizens will get extra interest of 50 basis points on deposits (FD) of 5 years or more. Senior Citizen gets 0.50% more interest than the general public on retail term deposits of less than 5 years.
In such a situation, under the ‘Vikare Deposit’ scheme, FD of 5 years or more will get 1% more interest than ordinary citizens. According to this, senior citizens are getting 7.50% interest on providing FD for 5 years or more.
6.85% interest on 1 year FD in Canara Bank According to the new interest rates, if you now provide FD for 1 year in Canara Bank, then you will get interest at the rate of 6.85% annually. At the same time, 7.15% interest will be available on 2 -year FD, 7.20% on 3 years FD and 6.70% on 5 years FD. At the same time, the bank is offering 7.25% interest on 444 days FD.
7.10% interest on 1 year FD in Kotak Bank Kotak Mahindra Bank will now get interest at the rate of 7.10% annually on providing FD for 1 year. At the same time, 7.15% interest will be available on 2 -year FD, 7.00% on 3 years FD and 6.20% on 5 years FD.
