New Delhi, May 19 – The State Bank of India (SBI), the country’s largest lender, has reduced interest rates on fixed deposits (FDs) by up to 0.20 percent across all maturity periods, effective from May 16. The revised rates apply to retail domestic term deposits under ₹3 crore and are applicable to both general and senior citizen categories.

As per agency report, SBI has updated its website reflecting the changes in interest rates. For FDs with a tenure of two years to less than three years, the maximum interest rate has been revised to 6.7 percent. Deposits maturing between three and less than five years will now earn 6.55 percent interest.

For long-term deposits ranging from five to ten years, the interest rate has been brought down to 6.30 percent, while deposits for one year to less than two years will now earn 6.5 percent interest.

The bank's special 444-day scheme, known as ‘Amrit Kalash’, has also seen a revision, with the interest rate cut from 7.05 percent to 6.85 percent.

Senior citizens and super senior citizens (aged above 80) will continue to receive additional interest benefits on their deposits.

This move follows a similar step taken last month when SBI slashed deposit rates by 0.10 to 0.25 percent after the Reserve Bank of India (RBI) reduced the repo rate. In its monetary policy review held in April, the RBI lowered the repo rate for the second consecutive time by 0.25 percent, bringing it down to 6 percent.

New Delhi, April 14, 2025 — The State Bank of India (SBI), the country's largest lender, has announced a 0.25 percent reduction in its lending rates, aligning with the Reserve Bank of India's recent cut in the benchmark repo rate. As per agency report, this move is expected to bring relief to both existing and new borrowers, making loans cheaper across several segments.

With this adjustment, SBI’s repo-linked lending rate (RLLR) will now stand reduced to 8.25 percent. Additionally, the bank's external benchmark lending rate (EBLR) has been lowered to 8.65 percent. The revised rates will come into effect from April 15, 2025.

This interest rate revision follows the RBI’s decision last week to slash the key repo rate by 0.25 percent for the second consecutive time, signaling a pro-growth monetary stance amid slowing inflation. In tandem, SBI has also revised its deposit interest rates downward by 0.10 to 0.25 percent. For term deposits up to Rs. 3 crore with a tenure of one to two years, the interest rate will now be 6.70 percent, down from 6.80 percent. Deposits maturing in two to three years will attract an interest rate of 6.90 percent instead of the previous 7 percent.

Meanwhile, HDFC Bank, a leading private sector lender, has also reduced its savings account interest rates. The bank has slashed the rate by 0.25 percent to 2.75 percent, making it one of the lowest among private banks. For deposits exceeding Rs. 50 lakh, the interest rate now stands at 3.25 percent, down from 3.5 percent. This change became effective from April 12, 2025.

In another development, Bank of India, a public sector bank, has withdrawn its special 400-day deposit scheme that offered a 7.3 percent interest rate. Simultaneously, the bank has announced a 0.25 percent reduction in interest rates on home loans, benefiting both new and existing customers.

Beyond housing loans, Bank of India has extended the rate cut to other retail loan products, including vehicle loans, personal loans, loans against property, education loans, and its Star Reverse Mortgage loan scheme. This collective rate adjustment across major banks is expected to boost borrowing and stimulate consumer spending amid an improving economic outlook.

The State Bank of India (SBI) has complied with the Supreme Court's order, submitting all information related to electoral bonds to the Election Commission of India today, March 21st, 2024.

In an affidavit filed with the Supreme Court, SBI Chairman Dinesh Kumar Khara confirmed the details provided include:

• Electoral bond number
• Denomination of the bond
• Name of the political party that received the bond
• Last four digits of the party's bank account number used for encashment

However, citing cybersecurity concerns, SBI has withheld certain information from public disclosure. This includes:

• Complete bank account numbers of political parties
• KYC details of the political party and the bond purchaser

The affidavit emphasizes that SBI has not retained any information beyond what was submitted to the Election Commission.

This action follows the Supreme Court's directives on March 18th, 2024, requiring SBI to provide comprehensive details of electoral bond transactions to the Election Commission for public access. The Court also directed SBI to file an affidavit by today's date to confirm compliance.

The Election Commission is expected to publish the information on its website once received.

This development comes after the Supreme Court raised concerns on March 15th regarding incomplete data provided by SBI earlier. The Court had specifically noted the absence of electoral bond numbers, which had previously been mandated for disclosure.

With the submission of this information, the Election Commission is now empowered to increase transparency surrounding electoral bond transactions in India.

New Delhi, August 9 (IANS) It is not often that another Indian company gets to pip Reliance in the profitability sweepstakes. But, in the June 2023 quarter i.e., Q1FY24, the State Bank of India (SBI) has reported profits than Reliance Industries, 5paisa.com reported.

For the quarter, Q1FY24, Reliance had reported net profits of Rs 16,011 crore while SBI had reported net profits of Rs 18,537 crore, a full 15.8 per cent higher than the profits reported by Reliance Industries.

It is not just the latest quarter. Even if you look at the four rolling quarters from September 2022 to June 2023, then Reliance Industries has reported net profits of Rs 64,758 crore while the 4 quarter rolling net profits of SBI is 3.25 per cent higher at Rs 66,860 crore, the report said.

Incidentally, this is the first time in more than a decade that SBI has reported higher profits than Reliance Industries in 4 rolling quarters combined, the report said.

The last time it happened was way back in the fiscal year 2011-12. Just about 3-4 years back, PSU banks were struggling with tepid growth in top line, high levels of NPAs and low capital adequacy. Things have changed drastically in the last few years.

Multiple rounds of capital infusion by the government have helped to better capitalize the public sector banks. A focus on retail has helped the public sector banks to improve their financial performance. What has been the outcome. SBI has been consistently showing growth in net interest income (NII), one of the most important measures in the banking industry, the report said.

Secondly, the net interest margins (NIM) have expanded sharply for most of the PSBs in the last few years. Above all, consistent provisions and a focus on recoveries has reduced the gross NPAs of PSBs, cut the net NPA levels to below the 1% mark on an average and also sharply reduced the quarterly provisions. That has sharply improved the provisions coverage ratio, the report said.