Showing posts with label "SBI savings rate". Show all posts
Showing posts with label "SBI savings rate". Show all posts

Monday, 31 July 2017

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

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.


View more about our services:- storage server management 

Featured post

Rahul Gandhi does it again, terms Marshal of IAF Arjan Singh Air Marshal

New Delhi: Congress vice-president Rahul Gandhi and gaffe go hand in hand. In the latest addition to his goof up list, the Congress scion...