In the wake of the RBI’s rate cut, the State Bank of India (SBI) has reduced its base lending rate by up to 50 basis points across product segments. This adjustment brings significant relief for borrowers, especially those with home and education loans, by lowering monthly repayment costs and encouraging increased borrowing and spending.
Simultaneously, SBI has trimmed fixed deposit rates by 25 bps and savings account interest rates by up to 50 bps, effective June 15. Savers are prompted to reassess their portfolios—those previously relying on SBI’s yields may find it opportune to explore alternative fixed-income vehicles or higher-yield deposits.
