SBI slashes interest rate for savings deposit below Rs 1 crore
DSIJ Intelligence / 31 Jul 2017
State Bank of India (SBI), the country’s biggest lender, has introduced a 2-tier saving bank interest rate with effect from July 31, 2017.
State Bank of India (SBI), the country’s biggest lender, has introduced a 2-tier saving bank interest rate with effect from July 31, 2017.
While balance above Rs 1 crore will continue to earn interest at 4% per annum, for balance below Rs 1 crore the bank interest rate will be at 3.5% per annum. The decline in the rate of inflation and high real interest rates are the primary considerations warranting a revision in the rate of interest on savings bank deposits.
Further, the bank had cut the MCLR by 90 basis points effective January 1, 2017 on the strength of large inflows in savings and current accounts during the demonetisation period in the month of November and December 2016.
There has been significant outflow of CASA deposits since then. The revision in savings bank rate would enable the bank to maintain the MCLR at the existing rates, benefitting a large segment of retail borrowers in SME, agriculture and affordable housing segments.
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