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SBI Cuts Interest Rates On Saving Deposits By 5 Basis Points

SBI Cuts Interest Rates On Saving Deposits By 5 Basis Points

The revised interest rates came into effect from May 31, 2020.

The largest lender State Bank of India (SBI) has cut its interest rates on savings deposits by 5 basis points. The new rates came into effect from May 31, 2020.

SBI saving deposits accounts with a balance of up to Rs 1 lakh will earn interest of 2.7 per cent, which is a reduction of 5 basis points compared to the existing interest rate of 2.75 per cent.

Similarly, saving deposits accounts above Rs 1 lakh will receive an interest of 2.7 per cent, down from the previous 2.75 per cent.