Hello,
Yes it is true that The fraction of percentage so arrived is ignored i.e. 59.99% is treated as less than 60% and 54.99%is treated as less than 55%.

And yes 60% is compulsory for general candidates and 55% for reservation candidates.

Hope it helps

No, its not mandatory to have 60% in your graduation to appear for the SBI IBPS exams. In fact, graduation from any recognised university or college will do for appearing in this exam. You dont need to panic over percentage. So, you can go for your paper! 

Good luck!