SBI’s ‘Amrit Vrishti’, IDBI’s ‘Utsav’, Punjab & Sind are still offering special FDs amid market shifts; check details

SBI’s ‘Amrit Vrishti’, IDBI’s ‘Utsav’, Punjab & Sind are still offering special FDs amid market shifts; check details

SBI relaunched its Amrit Vrishti FD scheme with reduced rates for general and senior citizens. Indian Bank, Punjab & Sind Bank, and IDBI Bank also adjust FD offerings and rates, with schemes extended to June 2025.

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SBI has relaunched its Amrit Vrishti scheme, with a 444-day tenure. The interest rate has been reduced by 20 basis points to 7.05% for general citizens and 7.55% for senior citizens. SBI has relaunched its Amrit Vrishti scheme, with a 444-day tenure. The interest rate has been reduced by 20 basis points to 7.05% for general citizens and 7.55% for senior citizens.
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Business Today Desk
  • Apr 22, 2025,
  • Updated Apr 22, 2025 6:33 PM IST

The State Bank of India (SBI) has revived its special Fixed Deposit (FD) scheme, known as "Amrit Vrishti," with a 444-day tenure. This reintroduction comes with a notable reduction in interest rates, aimed at providing competitive returns amidst changing market conditions. Under the revised scheme, general depositors will receive an interest rate of 7.05% per annum, down from the previous 7.25%. Senior citizens benefit from a slightly higher rate of 7.55% per annum, reduced from 7.75%. This move aligns with SBI’s strategy to adjust offerings in response to economic shifts and depositor expectations.

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In comparison to the Amrit Vrishti scheme, SBI offers a spectrum of interest rates for its regular FDs, ranging from 3.50% to 6.9% across tenures from seven days to ten years. Senior citizens enjoy a preferential rate bracket between 4% and 7.50%. The "SBI We Care" scheme continues to be a part of the bank's offerings, reflecting its commitment to cater to its senior clientele. This pricing strategy highlights SBI’s approach to balancing competitive rates with market trends.

Indian Bank has extended the deadline for its special FD schemes, IND Supreme 300 Days and IND Super 400 Days, to June 30, 2025. These schemes offer an attractive rate of 8.05% for super senior citizens, maintaining its status as a high-yield option within the public sector banking space. By keeping the existing interest rates intact while extending the investment horizon, Indian Bank aims to ensure stability and appeal amid interest rate adjustments across the sector.

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Punjab & Sind Bank has also made significant adjustments to its special FD offerings. The bank has decided to discontinue its 333-day and 555-day FD tenures, which previously offered rates of 7.72% and 7.45%, respectively. Despite the reduction in options, customers can still invest in 444-day, 777-day, and 999-day tenures, albeit at lower interest rates. For instance, the 444-day tenure now offers a rate of 7.10%, down from 7.30%. These changes, effective April 1, 2025, reflect the bank’s effort to streamline its product offerings while responding to current economic conditions.

IDBI Bank has restructured its Utsav Deposit scheme by discontinuing the 300-day and 375-day tenures, effective April 16, 2025. Moreover, interest rates have been trimmed across key tenures under this scheme. For the 444-day tenure, the interest rate for general customers has dropped from 7.35% to 7.25%, and for senior citizens, it has decreased from 7.85% to 7.75%. Super senior citizens now receive a rate of 7.90%, slightly lower than the previous 8%. These adjustments aim to align IDBI Bank’s offerings with prevailing market conditions while providing tailored options for varying customer segments.

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Customers have until June 30, 2025, to invest in IDBI Bank’s revised Utsav FD schemes, as well as the offerings from Indian Bank and Punjab & Sind Bank. These adjustments across major public sector banks reflect a broader trend of banks reevaluating their product portfolios to remain competitive and responsive to interest rate trends. By revising interest rates and extending scheme durations, the banks demonstrate their strategic approach to maintaining market relevance and customer satisfaction.

The State Bank of India (SBI) has revived its special Fixed Deposit (FD) scheme, known as "Amrit Vrishti," with a 444-day tenure. This reintroduction comes with a notable reduction in interest rates, aimed at providing competitive returns amidst changing market conditions. Under the revised scheme, general depositors will receive an interest rate of 7.05% per annum, down from the previous 7.25%. Senior citizens benefit from a slightly higher rate of 7.55% per annum, reduced from 7.75%. This move aligns with SBI’s strategy to adjust offerings in response to economic shifts and depositor expectations.

Advertisement

Related Articles

In comparison to the Amrit Vrishti scheme, SBI offers a spectrum of interest rates for its regular FDs, ranging from 3.50% to 6.9% across tenures from seven days to ten years. Senior citizens enjoy a preferential rate bracket between 4% and 7.50%. The "SBI We Care" scheme continues to be a part of the bank's offerings, reflecting its commitment to cater to its senior clientele. This pricing strategy highlights SBI’s approach to balancing competitive rates with market trends.

Indian Bank has extended the deadline for its special FD schemes, IND Supreme 300 Days and IND Super 400 Days, to June 30, 2025. These schemes offer an attractive rate of 8.05% for super senior citizens, maintaining its status as a high-yield option within the public sector banking space. By keeping the existing interest rates intact while extending the investment horizon, Indian Bank aims to ensure stability and appeal amid interest rate adjustments across the sector.

Advertisement

Punjab & Sind Bank has also made significant adjustments to its special FD offerings. The bank has decided to discontinue its 333-day and 555-day FD tenures, which previously offered rates of 7.72% and 7.45%, respectively. Despite the reduction in options, customers can still invest in 444-day, 777-day, and 999-day tenures, albeit at lower interest rates. For instance, the 444-day tenure now offers a rate of 7.10%, down from 7.30%. These changes, effective April 1, 2025, reflect the bank’s effort to streamline its product offerings while responding to current economic conditions.

IDBI Bank has restructured its Utsav Deposit scheme by discontinuing the 300-day and 375-day tenures, effective April 16, 2025. Moreover, interest rates have been trimmed across key tenures under this scheme. For the 444-day tenure, the interest rate for general customers has dropped from 7.35% to 7.25%, and for senior citizens, it has decreased from 7.85% to 7.75%. Super senior citizens now receive a rate of 7.90%, slightly lower than the previous 8%. These adjustments aim to align IDBI Bank’s offerings with prevailing market conditions while providing tailored options for varying customer segments.

Advertisement

Customers have until June 30, 2025, to invest in IDBI Bank’s revised Utsav FD schemes, as well as the offerings from Indian Bank and Punjab & Sind Bank. These adjustments across major public sector banks reflect a broader trend of banks reevaluating their product portfolios to remain competitive and responsive to interest rate trends. By revising interest rates and extending scheme durations, the banks demonstrate their strategic approach to maintaining market relevance and customer satisfaction.

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