SBI has replaced its popular Amrit Kalash FD scheme, which offered interest rates of up to 7.60% for senior citizens on a 400-day deposit, with the new Amrit Vrishti FD. The Amrit Kalash scheme was discontinued on April 1, 2025, ahead of an expected RBI Monetary Policy Committee meeting. Other banks like HDFC, Yes Bank, and Punjab & Sind Bank have already reduced FD rates, signaling a potential industry-wide trend.
The Amrit Vrishti FD offers a 444-day tenure with interest rates of 7.25% for regular customers, 7.75% for senior citizens, and 7.85% for super senior citizens (80 years and above), effective from January 3, 2025. IDBI Bank’s Utsav Callable FD Scheme, extended until April 30, 2025, provides alternative options with varied tenures and interest rates, including rates up to 8.00% for super seniors on a 444-day deposit.
Banks are reducing FD rates in anticipation of potential RBI policy changes. Investors should compare FD options and lock in rates before they potentially decrease further. Amrit Vrishti and IDBI’s Utsav Callable FD are presented as alternatives to the discontinued Amrit Kalash, particularly beneficial for senior citizens seeking steady income. Consider interest rates, tenures, and withdrawal options before investing, keeping in mind the shifting interest rate environment.
