SBI Share Rises 2% After FD, Lending Rate Cuts; Amrit Kalash Scheme Ends, Goldman Sachs Upgrades to ‘Neural'

State Bank of India (SBI) shares were in focus on April 15 as the stock rallied nearly 2% in intraday trade, following key announcements regarding lending rate cuts after the Reserve Bank of India, in its latest monetary policy, announced the reduction of the repo rate by 25bps. SBI also announced a FD interest rate reductions, and the discontinuation of its popular Amrit Kalash Fixed Deposit scheme in April.

SBI Share Price Today

SBI share price opened strong and surged to an intraday high of ₹770, marking a 2% gain over the previous close of ₹753.85. By noon, the stock was trading at ₹767.25, up 1.78%. Over the past month, SBI shares have gained 6.13%, although the stock is still down 3.22% year-to-date (YTD). It had earlier touched a 52-week low of ₹680 in February 2025.

SBI Cuts Lending Rates After RBI Repo Rate Reduction

In a direct response to the RBI's 25 basis point repo rate cut, SBI slashed its lending rates by 25 25bps. Currently the Repo Linked Lending Rate (RLLR) stands at 8.25%, and the External Benchmark Lending Rate (EBLR) at 8.65%, both effective from today, i.e., April 15.

SBI Reduces Fixed Deposit (FD) Rates

Along with the lending rate cuts, the State Bank of India (SBI) has also revised its fixed deposit (FD) interest rates downward for certain tenures. For deposits up to Rs.3 crore, the interest rate for 1- to 2-year FDs has been reduced by 10 basis points (bps) to 6.7%, while 2- to 3-year deposits will now fetch 6.9%, down from the earlier 7%. For high-value deposits above ₹3 crore, the interest rate for FDs maturing in 180 to 210 days has been slashed by 20 bps to 6.40%. Similarly, for deposits maturing between 211 days and less than 1 year, the rate has been cut by 25 bps to 6.50%.

SBI Discontinues Amrit Kalash FD Scheme

SBI has officially withdrawn the Amrit Kalash FD Scheme from April 1st, which was widely popular for offering attractive interest rates of 7.10% for regular customers and 7.60% for senior citizens. The limited-period product had seen strong demand due to its higher returns amid a low-yield environment

SBI Share Price Target

In its latest strategy note on Indian banks, Goldman Sachs has upgraded SBI from 'Sell' to 'Neutral', with a revised share price target of Rs. 823. The global broking noted that while near-term earnings pressure may persist due to rate cuts and elevated credit costs, the long-term outlook is improving.

Goldman Sachs in its comprehensive report regarding Indian banks said that "We expect the light at the end of the tunnel has started to emerge the sector may still see some near-term pressure on earnings on any sharp rate cuts by the RBI due to the lead/lag impact, which will correct with a lag of two quarters on deposit repricing/liquidity infusion and elevated credit costs in 1HFY26. However, we expect investors to see through the near-term pressures, given the following points: 1) new NPL formation should start peaking in 4QFY25/1QFY26; 2) regulator easing to not only improve risk premia but also improve the growth dynamics due to rate cuts/liquidity measures, etc.; and 3) consolidation in loan growth with the system tightening the credit filters, which is already reflected in a sharp slowdown in originations in the bureau data."