SBI Slashes Interest Rates From 3.5 Per Cent to 3.25 Per Cent

Guwahati, October 10, 2019:

The State Bank of India (SBI) has cut the interest rates of savings bank deposits from 3.5 per cent to 3.25 per cent in order to increase liquidity in the market by increasing consumer spending.

This rate change in SBI savings bank deposits will be applicable on balances up to Rs 1 lakh. SBI interest rate revision will become effective from 1st November, 2019.

The announcement of slashing the interest rate was made through a press statement citing, stating, “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 per cent to 3.25 per cent 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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