SBI revises term deposit rates, reduces lending rates

Core Points - The State Bank of India (SBI) has updated interest rates for term deposits and revised MCLR and EBLR rates following a 25 basis points reduction in the repo rate by the Reserve Bank of India [1][6][7] Revised Deposit Rates - For deposits under ₹3 crore with a tenure of two to three years, the interest rate has been reduced from 6.45% to 6.40% for the general public and from 6.95% to 6.90% for senior citizens [2] - The specific tenor scheme "444 days", Amrit Vrishti, has seen a rate change from 6.60% to 6.45% [2] - The highest interest rates for deposits under ₹3 crore are now 6.05% for the general public and 7.05% for senior citizens, depending on the tenure [3] Interest Rates for General Public - Fixed deposits with tenures of 7 to 45 days earn 3.05%, while those for 46 to 179 days earn 4.90% [4] - For tenures of 180 to 210 days, the interest rate is 5.65%, and for 211 days to less than a year, it is 5.90% [4] - Deposits with a term of one year to less than two years yield 6.25%, and those with a term of three to less than five years yield 6.30% [4] - For deposits ranging from 5 to 10 years, the interest rate is 6.05% [4] Interest Rates for Senior Citizens - Senior citizens will earn 3.55% for deposits of 7 to 45 days and 5.40% for 46 to 179 days [5] - For tenures of 180 to 210 days, the rate is 6.15%, and for 211 days to less than a year, it is 6.40% [5] - Deposits lasting one year to less than two years provide 6.75%, while those with a three to five-year term yield 6.80% [5] - For deposits ranging from 5 to 10 years, senior citizens will receive 7.05% [5] Revised MCLR Rates - SBI has reduced the overnight and one-month MCLR rates from 7.90% to 7.85% [6] - The three-month MCLR has been cut from 8.30% to 8.25%, and the six-month MCLR from 8.65% to 8.60% [6] - The one and two-year MCLR rates have been revised to 8.70% from 8.75%, while the three-year rate has been reduced from 8.85% to 8.80% [6] Revised EBLR Rate - The External Benchmark Linked Rate (EBLR) has been reduced from 8.15% to 7.90% as of 15 December [7]