Ayodhya set to develop into a far bigger tourism destination after SC verdict
SBI cuts India's GDP growth forecast to 4.2% for Q2, 5% for FY20
President's Rule In Maharashtra Recommended By Union Cabinet
Passenger vehicle sales rebound in October but two-wheeler, CV sales portray a grim economy
PMC Bank scam: Maharashtra Sikhs unable to go on Kartarpur pilgrimage due to fund crunch
JNU Students Protesting Huge Fee Hike Clash With Cops
3 years of demonetisation: 66% say PM Modi's note ban negatively impacted economy
Auto slowdown: Suzuki sceptical about growth in India after slump in quarterly profits
Kaun Banega Crorepati comes under fire over Shivaji Maharaj reference; Sony TV apologises
Over 80 Punjab Farmers Arrested Over Fires That Smothered Delhi
Indirect tax authorities to use new system for search, summons, other communication
Lawyers Shut Courts, Want Delhi Police Protesters Arrested
J&K Bank continues to register growth despite recent events: Financial Commissioner
Pollution in Delhi 'very poor', but govt claims 12% decline in stubble burning
CBI raids 169 locations over bank fraud cases worth Rs 7,000 crore
"What Will Odd-Even Achieve?" Supreme Court Grills Delhi Over Pollution
1 Dead, 15 Injured In Grenade Attack In Srinagar, Third In J&K In 2 Weeks
Shubman Gill Breaks Virat Kohli's Decade-Old Record In Deodhar Trophy Final
Odd-even scheme in Delhi: Check dates, fines, timings, rules, exemptions
Delhi air quality remains 'critical' for sixth consecutive day

Latest Posts

SBI Savings Accounts To Fetch Lesser Interest From November 1

State Bank of India (SBI), the country's largest lender, will reduce the interest rates on deposits in retail savings accounts from November 1, 2019. In a statement last week, the bank said that "in view of the adequate liquidity in the system", interest rates on savings accounts with balances up to Rs. 1 lakh would be lowered by 25 basis points (bps) or 0.25 percentage points. The cut in SBI interest rate follows reduction in the repo rate - the key interest rate at which it lends short-term funds to commercial banks - by the Reserve Bank of India (RBI).

On savings deposits, SBI has announced a revision from 3.50 per cent to 3.25 per cent on balances up to Rs. 1 lakh from November 1, 2019, according to its statement. The interest rates on savings account deposits above Rs. 1 lakh has been kept unchanged.

Earlier this month, the RBI lowered the repo rate by 0.25 percentage point to 5.15 per cent, marking the fifth straight bi-monthly reduction in the key interest rate so far this year. The RBI has cumulatively lowered the interest rate by 135 basis points this year.

In May this year, SBI had linked its large savings deposits rates to the RBI's repo rate, offering an interest rate of 275 basis points lower the repo rate on savings account deposits with balance of over Rs. 1 lakh. 

SBI has also reduced fixed deposit (FD) interest rates across select maturities. The SBI FD rates have been lowered by 10 basis points (or 0.10 percentage point) across a select tenor in the retail segment. In bulk segment, SBI FD interest rates have been reduced by 30 basis points (or 0.30 percentage point).

For retail domestic fixed deposits up to Rs. 2 crore, SBI currently pays interest rates to the tune of 4.50-6.40 per cent to the general public over a maturity period of seven days to 10 years, according to the bank's website - sbi.co.in.

×

Alert Message

Ok
Please Wait...

Share the Opinion Poll with your Friends At

Ok

Share the Survey with your
Friends At

Ok
×

Statistics

Ok
No
×

Statistics

Ok