Last month SBI cut interest rate on savings accounts with balance below Rs 1 crore.
SBI, India's biggest lender, has relaxed its rules further to make online funds transfer more convenient for its account holders. In its latest initiative, SBI has raised the limit on the amount of money that can be transferred online by a savings account holder through SBI's Quick Transfer option. Now, you can transfer up to Rs 25,000 in a single day through the Quick Transfer option compared to Rs 5,000 earlier. Also, you can now transfer up to Rs 10,000 to a single payee through the Quick Transfer feature compared to Rs 5,000 earlier, SBI said in a tweet.
Quick Transfer is a feature, which is available in SBI online banking and SBI mobile app, through which a savings account holder can transfer money to any other bank account (SBI or non-SBI) without registering the payee. Adding a payee for online transfer in SBI generally takes some time. But under Quick Transfer, you don't need to register a payee to transfer money to him/her.
One can transfer funds round the clock using the Quick Transfer facility like the IMPS feature. Also the transfer is effected immediately and reflects in the payee's account instantly.
Meanwhile, SBI last month cut interest rate on savings bank account to lowest in six years. Customers maintaining account balance of Rs. 1 crore and below will get interest at 3.5 per cent per annum, effective from July 31, 2017. SBI customers with saving bank account balance of Rs. 1 crore and above will continue to earn interest at 4 per cent per annum. Currently 90 per cent of SBI's savings accounts have a balance of less than Rs 1 crore.