Home Business SBI Savings Account Balance Now Fetches This Return

SBI Savings Account Balance Now Fetches This Return

SBI Savings Account Interest Rate: State Bank of India (SBI) account holders get interest at a lower rate on their balance from Wednesday. The country’s largest lender by assets has lowered the interest on savings deposits with effect from April 15. An interest rate of 2.75 percent is now applicable to SBI savings deposits – the balance in a State Bank of India savings account. Earlier, the bank had provided a return of 3 percent on savings account deposits, higher by 25 basis point – or 0.25 percentage point – compared to the current rate.

The new interest rate for SBI’s savings accounts comes within two weeks of the Reserve Bank of India lowering the repo rate – or the key interest at which the RBI lends funds to commercial banks such as SBI – by 75 basis points to 4.40 percent, in an emergency move to strengthen the financial system against the economic fallout from the deadly coronavirus (COVID-19) pandemic.

SBI Bank coronavirus.jpg

In March, State Bank of India lowered the interest rate on savings bank accounts to 3 percent, rationalizing the returns on savings bank deposits. Before that, SBI paid offered different interest rates for savings accounts with a balance up to Rs 1 lakh and those with a higher balance.

State Bank of India adjusts the interest rates applicable to its products from time to time. For example, it lowered the interest rates on term loans by 35 basis points across tenors with effect from April 10, making its loans cheaper. That marked the eleventh cut in the bank’s lending rates in a row.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -

Most Popular

Bharti Singh and Harsh Limbachiyaa will appear in the NDPS court today Bharti Singh

No precautions': The court will hear bail applications by Bharti Singh, Harsh today In their...

Corona latest updates: Delhi will be pay penalties from today, alert in Noida-Gurugram

Delhi: 118 deaths from Corona in 24 hours, challan of 2 thousand will be cut from today, alert in Noida-Gurugram

Coronavirus Vaccine information to Be Ready in 3-4 Months: Health Min Harsh Vardhan

Harsh Vardhan was tending to the FICCI FLO online class on 'The Shifting Healthcare Paradigm During and Post-COVID'.

IGNOU 2020 vacancies pay and salary information 1.77 lakh check job vacancy details

IGNOU 2020 Recruitment: University invites applications for 22 vacancies with salaries up to Rs 1,77,500 - check eligibility According...

Recent Comments