NEW DELHI: The State Bank of India (SBI) has announced marginal reductions in key lending benchmarks and select term deposit rates, effective from December 15.
The bank reduced the rate on 2 to less than 3 years tenor to 6.40 per cent from 6.45 per cent. Senior citizens will receive a 50 bps premium over it, and their rate was cut to 6.90 per cent from 6.95 per cent. Other retail term deposit slabs were kept unchanged, a statement said.
The changes affect domestic retail term deposits below Rs 3 crore, the Marginal Cost of Funds‑based Lending Rate (MCLR), the External Benchmark Linked Rate (EBLR) and the Base Rate.
The bank reduced the popular 444‑day “Amrit Vrishti” deposit rate to 6.45 per cent from 6.60 per cent.