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SBI cuts savings account rate to 3.5% on deposits
Posted on: 01-08-2017 , 11:26:AM | DY365 Bureau

 India’s largest bank, the State Bank of India, has cut the interest rate on savings bank accounts to 3.5 percent from 4 percent.

This was informed by the bank in a notification to the Bombay Stock Exchange on Monday.

This will apply to all savings accounts with balance below Rs 1 crore.

The interest rate offered on savings accounts with more than Rs 1 crore balance remains unchanged at 4 percent.

This new rate of ineterst is already applicable from 31 July.


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