State Bank of India (SBI), the country’s largest lender, has announced a reduction in key lending and deposit rates, bringing some relief to borrowers while slightly lowering returns on select fixed deposits. The revised rates will come into effect from December 15.

On the deposit side, most retail fixed deposit rates for amounts below Rs 3 crore remain unchanged. However, SBI has cut the interest rate on its popular 444-day ‘Amrit Vrishti’ fixed deposit scheme to 6.45% from the earlier 6.60%. For senior citizens, rates remain higher across tenures, though the 2–3 year deposit slab has seen a marginal cut to 6.90% from 6.95%. For the general public, the rate for the same tenure has been reduced to 6.40% from 6.45%.

Meanwhile, borrowing has become cheaper across the board. SBI has reduced

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