The country’s largest bank, State Bank of India, has made a huge cut in the savings deposit interest rate, which is a matter of great relief for the citizens who save. Let us tell you that if we talk about the current cut, it has been made 2.5% which was 2.7% earlier, which is the lowest interest rate and a cut in the interest rate on Jam can sometimes be harmful for the citizens who make small savings, but no change has been made in this. It is a small change and this decision has been taken by the bank along with a 50 bps cut in the repo rate by the central bank, effective from June 15.
SBI Savings Bank Deposit Rates
SBI has implemented a 2.5% savings bank deposit rate on all accounts. And earlier as we told you it was 2.7% and 3% on balance of Rs 10 crore and above. Apart from this, friends, if we tell you in detail, then HDFC Bank and ICICI Bank offer savings account rate of 2.75%, there can be even bigger change in the coming time, but if you also save and especially in SBI bank account, then this rate can be applicable to you too.
Talking about fixed deposits, interest rates on fixed deposits have also been cut. This important step has been taken at a time when banks are facing pressure on margins. In such a situation, a big change has been made and this change will directly impact the banks that are being forced to pay higher interest rates on fixed deposits and the citizens who save.
If we talk about the interest rates on the basis of maturing deposits, then it has been reduced from 6.3% to 6.05%. Yes, interest rates for senior citizens have also been reduced to 6.55% for the same period, which may be reduced further in the coming time or there may be a big change, but till now no clear information has come out in this matter. Only on the basis of fixed deposits, SBI has reduced the interest rate to 2.5%.