INSUBCONTINENT EXCLUSIVE:
SBI Interest Rate: State Bank of India has lowered the interest rate to 3.25 per cent.State Bank of India (SBI)'s new interest rate
applicable to balances above Rs 1 lakh in its savings accounts came into effect from Wednesday
(SBI interest rate for savings account)
Mumbai-based State Bank of India has lowered the interest rate to 3.25 per cent from 3.5 per cent on savings bank accounts with a balance of
Rs 1 lakh and above, according to the lender's corporate website - www.sbi.co.in.However, the interest rate applicable to savings accounts
with a balance up to Rs 1 lakh continues to remain at 3.5 per cent, according to the SBI website.( All You Need To Know About SBI Personal
Gold Loans)State Bank of India plans to link the interest rate to the Reserve Bank of India (RBI)'s repo or short-term lending rate, in
order to ensure a faster monetary policy transmission
The current rate of 3.25 per cent on savings bank accounts with Rs 1 lakh or more has been arrived at as the bank aims to pay interest at a
Salary, benefits, other key details here)The interest rates on the savings bank accounts may move up or down depending on how the central
bank tweaks key interest rates.Till Tuesday, April 30, SBI paid interest at a rate of 3.5 per cent for savings bank deposits up to Rs 1
crore and at 4 per cent for deposits above Rs 1 crore.SBI also said that all cash credit accounts and overdrafts with limits above Rs 1 lakh
of minimum balance)"The Risk premiums over and above this floor rate would be based on the risk profile of the borrowers, as is the current
practice," according to the SBI website.SBI's domestic savings bank deposits stood at Rs 10.64 lakh crore at the end of December 2018.Get
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