SBI Cuts Interest Rates On Saving Deposits

SBI saving deposits accounts with a balance of up to Rs 1 lakh will earn interest of 2.7 per cent, which is a reduction of 5 basis points compared to the existing interest rate of 2.75 per cent.

SBI Cuts Interest Rates On Saving Deposits

The revised interest rates came into effect from May 31, 2020.

The largest lender State Bank of India (SBI) has cut its interest rates on savings deposits by 5 basis points. The new rates came into effect from May 31, 2020.

SBI saving deposits accounts with a balance of up to Rs 1 lakh will earn interest of 2.7 per cent, which is a reduction of 5 basis points compared to the existing interest rate of 2.75 per cent.

Similarly, saving deposits accounts above Rs 1 lakh will receive an interest of 2.7 per cent, down from the previous 2.75 per cent.