The State Bank of India (SBI) is India’s largest public sector bank. It offers several fixed deposit schemes where rates vary and depend on the deposit period. Over the last three years, SBI has made several changes to these rates.
In May 2022, the Reserve Bank of India (RBI) increased its repo rate. This was the first hike after nearly two years. Now, when the repo rate goes up, banks have to pay more to borrow from the RBI. To balance this, banks usually increase both lending rates and deposit rates.
So, in May 2022, most Indian banks, including SBI, revised their fixed deposit rates upward. After that, between 2022 and 2025, SBI adjusted these rates multiple times depending on further RBI rate changes and market conditions.
If you want to understand how SBI FD rates have moved during this period (2022-2025), read this comprehensive analysis by GoldenPi.
How Did SBI Respond to Rate Hikes in May 2022?
After a nearly 2-year gap, the RBI raised the repo rate in May 2022 to control inflation. Soon after, the SBI revised its fixed deposit rates. The table below shows how SBI FD rates for deposits below ₹2 crore (for general customers) changed between 15 February 2022 and 14 June 2022 (just before and after the hike):
| Duration | SBI FD Rates (15/02/2022) | New SBI FD Rates (14/06/2022) |
|---|---|---|
| 7 days to 45 days | 2.90% | 2.90% |
| 46 days to 179 days | 3.90% | 3.90% |
| 180 days to 210 days | 4.40% | 4.40% |
| 211 days to less than 1 year | 4.40% | 4.60% |
| 1 year to less than 2 years | 5.10% | 5.30% |
| 2 years to less than 3 years | 5.20% | 5.35% |
| 3 years to less than 5 years | 5.45% | 5.45% |
| 5 years to 10 years | 5.50% | 5.50% |
Some Main Observations
After the RBI repo rate hike in May 2022, SBI raised FD rates for medium tenures (around 1 to 3 years), while keeping short and long tenures unchanged. Let’s check out some key points:
- Shorter-term deposits (up to 6 months)
- No change in FD rates for 7 to 179 days and 180 to 210 days buckets.
- This suggests SBI did not immediately pass on repo rate changes to very short-term deposits.
- Medium-term deposits (211 days to less than 3 years)
- There were some increases made here:
- 211 days to less than 1 year: from 4.40% to 4.60%
- 1 to less than 2 years: from 5.10% to 5.30%
- 2 to less than 3 years: from 5.20% to 5.35%
- SBI raised FD rates the most in this range.
- It was done to likely attract more retail depositors for mid-term funds.
- There were some increases made here:
- Longer-term deposits (3 to 10 years)
- No change in rates (remained at 5.45% and 5.50%).
- This shows SBI was cautious about committing higher interest payouts for long periods.
If we analyse the overall trend, the revision was selective. Only medium tenures saw increases.
RBI Cuts Repo Rate After Nearly Three Years in 2025!
Now, if we fast forward to 2025, the RBI reduced its repo rate for the first time since May 2022. The cut was 25 basis points (0.25%), bringing the repo rate down from 6.50% to 6.25%. This decision was taken by the Monetary Policy Committee (MPC), which has six members (three from RBI and three external experts). All six voted in favor of the cut.
Why Has the RBI Cut the Rate?
- Inflation is coming closer to the RBI’s 4% target.
- This gave room to lower rates.
- The Indian economy is slowing down.
- Growth is much weaker compared to the 8.2% growth seen in FY 2023-24.
How Did SBI React to Rate Cuts in February 2025?
The RBI kept the rate unchanged at 6.50% for eleven straight policy meetings starting from May 2022. But in February 2025, the RBI reduced the repo rate to 6.25%. Following this, the SBI adjusted its fixed deposit interest rates.
The table below shows SBI FD rates for deposits below ₹2 crore (for general customers) before and after the change:
| Duration | SBI FD Rates (15-05-2024) | SBI FD Rates (16-05-2025) | Change (basis points) | Change (%) |
|---|---|---|---|---|
| 7 days to 45 days | 3.50% | 3.30% | −0.20 | −5.71% |
| 46 days to 179 days | 5.50% | 5.30% | −0.20 | −3.64% |
| 180 days to 210 days | 6.25% | 6.05% | −0.20 | −3.20% |
| 211 days to less than 1 year | 6.50% | 6.30% | −0.20 | −3.08% |
| 1 year to less than 2 years | 6.80% | 6.50% | −0.30 | −4.41% |
| 2 years to less than 3 years | 7.00% | 6.70% | −0.30 | −4.29% |
| 3 years to less than 5 years | 6.75% | 6.55% | −0.20 | −2.96% |
| 5 years to 10 years | 6.50% | 6.30% | −0.20 | −3.08% |
Some Main Observations
All tenures fell. Every bucket shows a cut between 20 and 30 basis points (bps). If we talk about the largest absolute cuts (−30 bps), they are in the 1 to 2 year and 2 to 3 year buckets. Be aware that these are usually the most-used retail tenures. Additionally,
- Shorter buckets (7 to 179 days) saw considerable percentage drops (−5.7% and −3.6%).
- Long tenures (3 to 10 years) were also reduced by −20 bps.
So, the trend or pattern is that the SBI reduced rates across tenures, with a slightly heavier hit on the 1 to 3 year segment.
Looking for Competitive Interest Rates? Book an FD Online Via the GoldenPi Platform!
Following the RBI’s repo rate hike in May 2022 (the first time in two years), most banks increased their FD rates. SBI too raised its rates selectively, with the sharpest increases seen in the 1 to 3 year tenures. However, the trend changed.
After eleven straight Monetary Policy Committee (MPC) meetings, the RBI finally announced a 25 basis point cut in February 2025. This marked the beginning of the rate cut cycle.
As of September 24, 2025, SBI offers its highest FD rate of 6.45% for the 2 to 3 year tenure for general customers and 7.05% for senior citizens for 5 to 10 year deposits (including the additional 50 bps premium under the SBI We-Care scheme).
If you are looking to earn competitive returns offered by leading small finance banks or NBFCs, you can book an FD online through GoldenPi. The process is 100% digital and can be completed without making any branch visits.
SBI FD Rates 2025 FAQs
1. Will SBI FD interest rates increase in 2025?
It may be unlikely! With the February 2025 repo rate cut (the first since May 2022), the RBI has started a rate-easing cycle. In June 2025, the RBI cut the repo rate even more aggressively as part of easing.
Considering this trend, further reductions in SBI FD rates are more probable (rather than hikes) through the remainder of 2025.
2. Why are Amrit Vrishti SBI FD rates falling?
The special 444-day Amrit Vrishti scheme was launched in July 2024 at 7.25%. Rates were gradually reduced to 7.05% (in April 2025), 6.85% (in May 2025), and 6.60% (in June 2025). The Amrit Vrishti SBI FD rates are constantly decreasing in response to the regular repo rate reductions by the RBI.
3. What are the current SBI FD interest rates for 2025?
As of September 2025, SBI offers the highest FD rate of 6.45% for 2 to 3 years to general customers. If we talk about SBI FD rates for senior citizens, the maximum is 7.05% for 5 to 10-year deposits. Be aware that this includes a 50 bps premium under the SBI We-Care scheme.
4. Is it good to invest in an FD now?
FD interest rates are currently on a declining trend after the RBI’s February 2025 repo rate cut. They may fall further through the year. To earn competitive rates before they drop, you can book an FD via the GoldenPi platform.
It provides access to multiple FD options offered by popular small finance banks (SFBs) like Suryoday SFB and Unity SFB, as well as NBFCs such as Mahindra Finance, Bajaj Finance, Shriram Finance, and more.
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Disclaimer:
This information is for general information purposes only. GoldenPi makes no guarantee on the accuracy of the data provided here; the information displayed is subject to change and is provided on an as-is basis. Nothing contained herein is intended to or shall be deemed to be investment advice, implied or otherwise. Investments in the securities market are subject to market risks. Read all the offer-related documents carefully before investing.
Fixed Deposit schemes are regulated by the Reserve Bank of India. GoldenPi Securities Private Limited is a registered debt broker and acts as a distributor and not as a manufacturer of the product.
