(Image source from: Indiatvnews.com)
SBI provides interest rate of 2.75 percent on a saving deposits account withbalance of up to Rs 1 lakh. Now, this interest rate is to be reduced from 2.75 percent to 2.7 percent.
SBI being the largest lender has revised its interest rates and it came into effect from May 31, 2020. Even savings deposit
Even the saving deposits of more than Rs 1 lakh will receive an interest of 2.7 percent only.
On May 28th, SBI even brought down its FD rates to about 30-40 points. The rules of SBI’s saving deposits and FD interest rates are related to the RBI’s policy repo cut by 40 bps to 4%.
By Neha Makhija