State Bank of India (SBI) has cut savings account rates by 5 basis points to 2.7% effective October 15. The new savings rate applies to balances below Rs 10 crore, which the bank had earlier offered at 2.75% per annum.
The SBI cut in savings account rates comes from peer lenders raising deposit rates to raise funds.

However, for savings account balances of Rs 10 crore and above, SBI has increased the deposit rate to 3% per annum from the previous 2.75%.

On the other hand, the Bank of Baroda increased its foreign currency non-resident (FCNR) deposit rate by 135 basis points in various currencies and maturities.

Bank of Baroda said in a press release on Monday that the new deposit rate came into effect on October 16, 2022, and will remain in effect until November 15, 2022. The lenders said the revised rates apply to new and existing FCNR deposits due for renewal.