SBI cuts interest rates for savings accounts by 0.5% to 3.5% effective today

SBI cuts interest rates for savings accounts by 0.5% to 3.5% effective today

6 10 99
SBI cuts interest rates for savings accounts by 0.5% to 3.5% effective today 10 6 99
New Delhi: India’s largest lender SBI on Monday announced a 0.5 percent (50 basis points) cut in interest rates for savings bank deposits, effective immediately.

According to the new structure, for saving deposits balance up to Rs 1 crore, SBI will offer a rate of 3.5 percent as compared to 4 percent earlier, the bank said.

"The decline in rate of inflation and high real interest rates are the primary considerations warranting a revision," SBI said.

The revision would enable the bank to maintain its Marginal Cost of funds-based Lending Rate (MCLR) at existing rates, the lender added.

The bank`s overnight MCLR rate, effective July 1, currently stands at 7.75 percent.

Shares of the bank spiked after the announcement, climbing as much as 4.75 percent.

State Bank of India had earlier cut its term deposit rates by up to 50 basis points for various maturities.

Source:-Zeenews

View more about our services:- storage server management 

1 Comments
Comments
  1. Great post! This is the first time I am visiting your site… Its cool and I like your template. More over, the quality of your posts are just awesome! i If you want more information click on below
    webdesign & development in hyderabad

    ReplyDelete

 
Top