Categories: Business

SBI Cuts the Deposit Rate

The Nation Bank SBI (State Bank of India) Has decided to reduce their interest rate for the savings account  for the first time.

The 90 percent of Saving bank account holder have the balance under the 1 crore. so, the SBI is ready to offer interest rate of 3.5 for saving deposit below one crore and 4 percent as interest for above one crore in their savings account.It will be effective from July 31st throughout  the country.

The Stock of SBI Increases 3% after the new interest rates.

The decline in the rate of inflation and high real interest rate are the primary considerations warranting a revision in the rate of interest on savings bank deposits,” SBI said in a statement.