The State Bank of India has slashed savings bank deposits interest rates from 3.5 per cent to 3.25 per cent to increase liquidity in the market by increasing consumer spendings. This SBI interest rate revision will become effective from 1st November 2019.
This rate change in SBI savings bank deposits will be applicable on balances up to Rs 1 lakh. On balances above Rs 1 lakh, the SBI interest rates will remain the same. The largest commercial bank of India also slashed the interest rates on retail term deposits bulk term deposits by 10 bps and 30 bps respectively.
A statement released by SBI said, “In view of the adequate liquidity in the system, State Bank of India announced a revision in the interest rate on Savings Bank Deposits (with balances up to Rs 1.00 lakh) from 3.50 percent to 3.25 percent w.e.f. 1st November 2019. Bank also slashes its Retail TD and Bulk TD interest rates by 10 bps and 30 bps respectively for ‘1 year to less than 2 years’ tenor w.e.f. 10th October 2019.”
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