SBI slashes interest rates on savings account effect from 31st July
The state bank has decided to cut down the interest rates its provides to savings bank account holder by .5% for the accounts maintaining deposits of below Rs 1 Crore. Earlier it provided 4% percent to its customers. The revised rates would only amount to 3.5% interest to the depositors holding a balance below Rs. 1 Crore wile the rest would enjoy getting 4% interest.
Though other banks have still not announced any reduction in rates, they are expected to follow the suit and stash their interest rates too on savings account.
In a press release SBI said “The bank is introducing 2 tier saving bank interest rate w.e.f 31st July 2017.While balance above Rs 1 Crore will continue to earn interest rate at 4% per annum, interest rate at 3.5% per annum shall be offered on balances of Rs 1 crore and below.”
Azam Sait
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