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The State Bank of India has cut the interest on savings account deposits by 50 basis points to 3.5 percent on balance up to Rs 1 crore.
The bank, however, will continue to offer 4 percent interest on savings account balance of Rs 1 crore and above.
SBI has said in a regulatory filing that “The bank is introducing two-tier saving bank interest rate with effect from July 31. While balance above Rs 1 crore will continue to earn interest at 4 percent per annum, interest at 3.5 percent will be offered on balance of Rs 1 crore and below.”
It added that “the decline in rate of inflation and high real interest rates are primary considerations warranting a revision in rates of interest on savings bank deposits.”
