SBI Cuts FD Rates on Longer Tenures, Lowers Lending Rates

• SBI reduced fixed deposit interest rates on select longer tenures, effective December 15.
• Rates for FDs of 2 years to less than 3 years were cut by 5 basis points, now 6.40% for the public and 6.90% for senior citizens.
• Most short- and medium-term FD rates remain unchanged.
• The revision follows the Reserve Bank of India's recent 25-basis-point policy rate cut.
• SBI also reduced lending rates, including EBLR by 25 bps to 7.90% and MCLR by 5 bps, making loans cheaper.

Why It Matters: SBI's rate changes affect your savings returns and loan costs.