SBI Slashes Lending and Deposit Rates Following RBI's Policy Cut

State Bank of India (SBI) has reduced its lending and deposit rates following a policy rate cut by the Reserve Bank of India (RBI). Lending rates have been cut by 50 basis points, while deposit rates see a 25 basis points reduction. These changes aim to support economic growth.

The State Bank of India (SBI), the country's largest lender, has announced a 50 basis points reduction in its lending rates. This move is a response to a recent policy rate cut by the Reserve Bank of India (RBI), which aims to stimulate growth during an economic slowdown.

The updated Repo Linked Lending Rate (RLLR) is now set at 7.75%, while the External Benchmark Based Lending Rate (EBLR) has dropped to 8.15% from the previous 8.65%. These revisions take effect on June 15, 2025, according to SBI's updated website information.

Additionally, SBI has decreased its deposit rates by 25 basis points across all fixed deposit maturities up to Rs 3 crore. The revised interest rates for term deposits range from 6.05% to 6.50% depending on the maturity period. Senior citizens receive preferential rates, enjoying an additional 50 to 60 basis points.