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State Bank of India (SBI) has revised interest rates on its fixed deposits (FDs), effective December 15, lowering returns on select longer-tenure deposits while leaving most short- and medium-term rates unchanged.
The changes primarily impact deposits with maturities of two years to less than three years, where rates for the general public have been reduced by 5 basis points to 6.40%, while senior citizens will now earn 6.90%, down from 6.95%.
Interest rates across other tenures — including short-term deposits and longer-term maturities of three years and above — remain unchanged, indicating a calibrated adjustment rather than a broad-based repricing of deposits.
The revision comes in the backdrop of the Reserve Bank of India’s recent 25-basis-point policy rate cut, which has eased overall interest rate conditions and prompted banks to reassess deposit pricing amid persistent pressure on deposit mobilisation.
SBI's revised fixed deposit rates
(Source: SBI website; Note:*Includes additional senior citizen benefit as applicable.)
The changes primarily impact deposits with maturities of two years to less than three years, where rates for the general public have been reduced by 5 basis points to 6.40%, while senior citizens will now earn 6.90%, down from 6.95%.
Interest rates across other tenures — including short-term deposits and longer-term maturities of three years and above — remain unchanged, indicating a calibrated adjustment rather than a broad-based repricing of deposits.
The revision comes in the backdrop of the Reserve Bank of India’s recent 25-basis-point policy rate cut, which has eased overall interest rate conditions and prompted banks to reassess deposit pricing amid persistent pressure on deposit mobilisation.
SBI's revised fixed deposit rates
| Tenure | Public rate (%) | Senior citizen rate (%) |
| 7 days to 45 days | 3.05 | 3.55 |
| 46 days to 179 days | 4.9 | 5.4 |
| 180 days to 210 days | 5.65 | 6.15 |
| 211 days to less than 1 year | 5.9 | 6.4 |
| 1 year to less than 2 years | 6.25 | 6.75 |
| 2 years to less than 3 years | 6.4 | 6.9 |
| 3 years to less than 5 years | 6.3 | 6.8 |
| 5 years and up to 10 years | 6.05 | 7.05* |
(Source: SBI website; Note:*Includes additional senior citizen benefit as applicable.)
Additionally, SBI has also revised its lending benchmarks in line with the policy rate cut. The bank has reduced its External Benchmark Linked Rate (EBLR)
by 25 basis points to 7.90%, effective December 15, making loans linked to external benchmarks cheaper for both new and existing borrowers.
SBI has also lowered its Marginal Cost of Funds–Based Lending Rate (MCLR) across tenures by 5 basis points, with the one-year MCLR now at 8.70%. The bank’s Base Rate and Benchmark Prime Lending Rate (BPLR) have been revised down to 9.90%.
