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SBI New FD Rates 2025: Banks have also started reducing loan interest rates after the Reserve Bank (RBI) has made the loan cheaper. At the same time, banks have started reducing interest on deposits (FD). The country’s largest bank SBI has also reduced interest rates on FDs of select periods (1 and 2 years). As a result, customers will now get less profit than before. If a person does FD of Rs 5 lakh, then let us understand through a SBI FD Rate Calculations that how much his interest income will be reduced after the new interest rate is implemented.
How much did the interest rate decrease?
According to the information available on the SBI website, the bank has also cut its fixed deposit (FD) rates by 0.10%. According to the new rates, SBI will now pay 6.7% interest on FDs of less than one year to 2 years, which was 6.80% earlier. In addition, the interest rate on FDs with a duration of two to three years has been reduced from 7% to 6.9%.
FD rates for senior citizens have also been reduced. Now they will get 7.20% for a period of 1-2 years and 7.4% for a period of 2-3 years. The new rates will be effective from 15 April 2025.
Interest on FD of Rs 5 lakh for 1 year
SBI’s interest rates on 1 year fixed deposit for regular customers have come down from 6.80 percent to 6.7 percent. If a person deposits Rs 5 lakh for 1 year, he will get Rs 5,34,351 on maturity. That is, you will get a fixed income of Rs 1000. Rs 34,351 from interest. Thus, this amount will be Rs 5,34,876 as per the old interest rate on deposits of Rs 5 lakh. Thus, now interest income will be reduced by Rs 100. 525.
Talking about senior citizens, the interest rates on 1 year fixed deposit have come down from 7.30 percent to 7.20 percent. If a senior citizen deposits Rs 5 lakh for 1 year, he will get Rs 5,36,983 on maturity. That is, you will get a fixed income of Rs 1000. 36,983 from interest. Thus, this amount will be Rs 5,37,511 as per the old interest rate on deposits of Rs 5 lakh. Thus, now interest income will be reduced by Rs 100. 528.
Interest on FD of Rs 5 lakh for 2 years
SBI’s interest rates have been reduced from 7.00 percent to 6.90 percent for regular customers. If a person deposits Rs 5 lakh for 2 years, he will get Rs 5,73,312 on maturity. That is, you will get a fixed income of Rs 1000. 73,312 from interest. Thus, this amount will be Rs 5,74,440 as per the old interest rate on deposits of Rs 5 lakh. Thus, now you will get 500 rupees less interest income. 1,128.
Talking about senior citizens, the interest rates on 2 years fixed deposit have come down from 7.50 percent to 7.40 percent. If a senior citizen deposits Rs 5 lakh for 2 years, he will get Rs 5,78,972 on maturity. That is, you will get a fixed income of Rs 1000. 78,972 from interest. Thus, this amount will be Rs 5,80,110 as per the old interest rate on deposits of Rs 5 lakh. Thus, now the interest income of Rs 500 will be reduced. 1,138.
