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.
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