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State Bank of India has reduced interest rates on select fixed deposits and revised its lending benchmarks following a 25 basis point cut in the policy rate. The revised rates will come into effect from December 15, reflecting the impact of lower yields on loans linked to external benchmarks.
As part of the changes, SBI has lowered the interest rate on its 444-day fixed deposit to 6.5 per cent from 6.6 per cent. The bank has also reduced rates on deposits with tenures of two years to less than three years to 6.4 per cent from 6.5 per cent. For senior citizens, the rate on these deposits has been cut to 6.9 per cent from 7.0 per cent.
The bank said the revisions are aimed at managing the impact of the policy rate cut while safeguarding its net interest margins. Rates on short-term deposits ranging from seven days to less than one year, as well as on deposits of three years and above, remain unchanged.
The move comes at a time when credit growth continues to outpace deposit growth. In late November, bank lending grew at a faster pace year-on-year, while deposit growth remained relatively slower.
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