The country's largest lender, the State Bank of India(SBI), has reduced interest rates on fixed deposits(FDs) for certain tenures by 15 basis points (bps) ( 1 bps = 100 percentage points). The new rates came into effect from January 10, 2020 and for those FDs below Rs.2 crore. The bank has cut rates on long-term fixed deposits maturing in 1 year to 10 years.