SBI Reduces FD Rates on 2-3 Year Terms, Loans Cheaper from Dec 15

• State Bank of India (SBI) has revised its Fixed Deposit (FD) interest rates, effective December 15.
• Interest rates for FDs of 2 years to less than 3 years were reduced by 5 basis points for both general customers and senior citizens.
• The general public FD rate for this tenure is now 6.40%, and for senior citizens, it is 6.90%.
• No changes were made to short-term FDs or those with a tenure of 3 years or more.
• SBI also reduced lending rates, including EBLR by 25 bps to 7.90% and MCLR by 5 bps across all tenures.

Why It Matters: SBI's new rates affect your savings and loan costs.