By Samachar Vishesh News
Chandigarh 23rd
August:- With a view to protect the interest
of Savings bank depositors, State Bank of India has decided not to reduce the
savings bank interest rate further and hold the same at the existing level of
3.00% for customers with balances above Rs.1 lac. Customers with SB balance
upto Rs.1 lac will continue to get the rate of interest at 3.50%, as hitherto.
RBI in its 3rd Bi-monthly
policy had reduced Repo rate by 35 bps (from 5.75% to 5.40%) with effect from 7th August,
2019. Had this rate cut been transmitted to savings bank (SB) deposits, the
applicable returns on SB deposits with balances above Rs.1 lac would have dropped
to 2.65% (275 bps below Repo rate, i.e. 5.40%) with effect from 01st Sept
2019.
With effect from 1st May
2019, SBI had linked the interest rate on Savings Bank deposits (for balances
above Rs. 1 lac) with the Repo rate (i.e. 275 bps below Repo rate) without
changing the rate of 3.50% for SB balances upto Rs. 1 lac.
In view of the falling interest rate
scenario and surplus liquidity, SBI realigns its interest rate on Term Deposits
w.e.f. 26th August 2019. Bank has slashed Retail Term Deposit rates by 10-50
bps across tenors as well as Bulk Term Deposit rates by 30-70 bps across
tenors.
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