SBI: State Bank of India revises interest rates on savings bank deposits

SBI Interest Rates: In a bid to increase liquidity in the market by increasing consumer spendings, the State Bank of India has slashed savings bank deposits interest rates from 3.5 per cent to 3.25 per cent. This rate change in SBI savings bank deposits will be applicable on balances up to Rs 1 lakh. On balances above Rs 1 lakh, the SBI interest rates will remain the same. The largest commercial bank of India also slashed the interest rates on retail term deposits bulk term deposits by 10 bps and 30 bps respectively. This SBI interest rate revision will become effective from 1st November 2019.

The SBI informed about the interest rate revision in a written press statement citing, "In view of the adequate liquidity in the system, State Bank of India announced a revision in the interest rate on Savings Bank Deposits (with balances up to Rs 1.00 lakh) from 3.50 per cent to 3.25 per cent w.e.f. 1st November 2019. Bank also slashes its Retail TD and Bulk TD interest rates by 10 bps and 30 bps respectively for ‘1 year to less than 2 years’ tenor w.e.f. 10th October 2019."

See Zee Business Live TV streaming below:

In recent times, SBI has taken various steps that may come as a booster dose for SBI customers. Announcing EMI facility for SBI debit card customers on SBI digital payments and slashing MCLR for the sixth time in FY2o and bringing it down to 8.05 per cent.