If you are a SBI user, then you must note crucial changes that have come into effect today onwards. The interest rates on savings account deposits with State Bank of India (SBI) will fetch lower interest rates now on. SBI interest rate on savings account is reduced for balances below Rs 1 lakh to 3.25% from 3.5%. Also, there will be no charges or merchant discount rate (MDR) -- charge that payment systems and banks impose on commercial transactions.
Here are some latest SBI changes:
- The State Bank of India (SBI) reduced the interest rate on deposits in saving accounts up to Rs 1 lakh by 0.25 per cent to 3.25 per cent. The interest rate on SBI savings bank deposits above Rs 1 lakh will remain unchanged at 3 per cent.
- SBI, the country's largest lender, has reduced its Marginal Cost of Funds Based Lending Rate (MCLR) by 10 basis points across all tenors to extend benefits to all customers. The one year MCLR was reduced to 8.05% from 8.15%.
SBI Latest FD Interest Rates (below Rs 2 crore)
7 days to 45 days-4.50%
46 days to 179 days-5.50%
180 days to 210 days-5.80%
211 days to less than 1 year-5.8%
1 year to less than 2 year-6.4%
2 years to less than 3 years-6.25%
3 years to less than 5 years-6.25%
5 years and up to 10 years-6.25%
- SBI interest rates on bulk term deposits were slashed by 30 basis points for tenure of one to two years. Accounts with deposits over Rs 2 crore now fetch an interest rate of 6% compared to previous 6.3%.
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