On June 2, the country's leading lender SBI has slashed its rates on savings account. At the same time ICICI Bank has also cut interest on savings bank account.
For SBI, the cut is by 5 bps while for ICICI Bank it is by 25 bps, respectively. So effective May 31, for all slabs the savings bank account interest rate on SBI stands at 2.7%. The bank has two slabs for savings bank deposits -- those with balance up to Rs 1 lakh and those above Rs 1 lakh.
Also, ICICI Bank for its deposits below Rs. 50 lakhs has cut rate by 25 bps to 3% from 3.25%. And for deposits above Rs. 50 lakh, the depositors will earn 3.5%. The new savings rate at ICICI Bank will come into effect from June 4.