SBI cuts FD, MCLR and EBLR rates after RBI’s 25-bps repo reduction

Core Viewpoint - The Reserve Bank of India (RBI) has reduced the policy repo rate by 25 basis points, prompting State Bank of India (SBI) to adjust its deposit and lending rates accordingly [1][2]. Group 1: Deposit Rate Adjustments - SBI has decided to selectively reduce deposit rates, specifically lowering the term deposit rate for the 2-year to less than 3-year maturity bucket by 5 basis points from 6.45% to 6.40% [1]. - The interest rate for the specific tenor scheme of "444 days" (Amrit Vrishti) has been cut by 15 basis points from 6.60% to 6.45% [2]. Group 2: Lending Rate Adjustments - SBI has reduced the marginal cost of funds-based lending rate (MCLR) by 5 basis points across the board, with the one-year MCLR now at 8.70% compared to the previous 8.75% [2]. - The External Benchmark Linked Rate (EBLR) has been cut from 8.15% to 7.90%, affecting all retail and MSME loans priced against this benchmark [3].