SBI Introduced 2-tier rates,slashes interest rates on savings account

India’s largest Public Sector Bank, SBI (State Bank of India) has slashed the interest rate on saving deposit from existing 4% to 3.50%. While the balance above Rs 1 crore will continue to earn interest at 4% per annum, interest at 3.5% rate will be offered on balances of Rs 1 crore and below.

The decline in the rate of inflation and high real interest rates are the primary considerations for warranting a revision in the rate of interest of savings bank deposits.

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