New Delhi: State Bank of India (SBI) reduced interest rates on savings accounts by 0.5 percent on Monday 31st July. The deduction in interest rate on deposit will be applicable from July 31.
While giving information, the bank said that under the new arrangement, interest will be given at SBI's rate of 3.5 percent on deposits up to Rs 1 crore in savings account. This interest rate was the first 4 percent.
However, if the balance in the savings account is above Rs 1 crore then you will get an interest of 4 percent annually. At the same time, SBI had recently cut 50 basis points in the term deposit rate for some maturity.
It is believed that the SBI's 2-tier saving bank rate will have a direct loss of about 90 percent to the bank customers. That's because most accounts of SBI have less than Rs. 1 crore in deposits. In these cases, these customers will get 0.5% interest lower.
You may also like to read our latest analysed news:
- Were 68 Journalists, writers, bureaucrats paid 2-5 Lakh/month to write against PM,Cambridge Analytica
- Parody account menace: Hardik Pandya to be booked over Ambedkar tweet
- Chinese government introduces stranger’s young men, women marriage
- Asos commits mistake 17000 times and calls it limited edition bags
Note: Don't forget to share and like ayupp.com on facebook, twitter for latest on viral news updates.
The world is full of fake news, we at ayupp apart from our daily work, take time out to do some fact check verification, so that the news media and social media is clean of fake information, please help us, share this news.