Shocking news for SBI savings account customers
India's largest bank State bank of india announced a 0.5 percent (50 basis points) cut in interest rates
for savings bank deposits, effective immediately on monday.
According to the new structure of SBI, for saving deposits balance up to Rs 1 crore, SBI will offer a interest rate of 3.5 % as compared to 4 % earlier, the bank said.
for savings bank deposits, effective immediately on monday.
However, for saving deposits balance above Rs 1 crore, rate of interest has been retained at 4 % per annum.
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