For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

Savings Accounts At SBI To Earn Lower Interest From 1 November

By Staff
|

As informed earlier by the public-sector lender, with effect from 1 November, interest rates on savings bank accounts at the State Bank of India (SBI) will be lowered.

Earlier this month, along with a revision in its fixed deposit interest rates, SBI announced that it would lower interest rates on savings accounts with balance less than Rs 1 lakh to 3.25 percent from the current 3.50 percent.

Savings Accounts At SBI To Earn Lower Interest From 1 November
 

Interest rates on balances over Rs 1 lakh

The country's largest commercial bank has kept the interest rate on saving bank accounts with balance above Rs 1 lakh unchanged at 3 percent.

SBI had introduced a new mechanism for interest rates on large savings deposits starting 1 May, wherein the interest rates were linked to RBI's (Reserve Bank of India) repo rate. For balances above Rs 1 lakh interest rate was set at 2.75 percent below RBI's repo rate, with a minimum of 3 percent on the entire balance.

RBI has cut its repo rate by 1.35 percent in total at 5 consecutive bi-monthly monetary policy reviews to push growth in the country's economy. Its next meeting is scheduled for 5 December.

On 4 October, the central bank reduced its repo rate by 25 basis points to 5.15 percent.

Story first published: Thursday, October 31, 2019, 14:23 [IST]
Company Search
Get Instant News Updates
Enable
x
Notification Settings X
Time Settings
Done
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more