SBI account holder? ALERT! Your interest rates on savings accounts, fixed deposits set to fall from November 1
The State Bank of India (SBI) depositors will earn less on their fixed deposits and savings accounts from next month.
This is a very important news for SBI account holders! The State Bank of India (SBI) depositors will earn less on their fixed deposits and savings accounts from next month. The new rates will be effective from November 1, 2019. For deposits below Rs 1 lakh, the rate of interest on savings account deposits has been revised from 3.5 percent to 3.25 percent. SBI has cut interest rates on bank deposits and term deposits by 10 basis points and 30 basis points. These new rates for SBI account holders have already been made effective from October 10.
Besides these deposit rate changes, SBI has also changed MCLR six times in the financial year 2019-20. Due to cut in MCLR, SBI home loans, car loans, personal loans and other loan rates have come down.
Watch Zee Business TV Live here:
With this cut, now MCLR rate is 8.05 percent. Earlier, it was at 8.15 percent. The government earlier cut Repo rate to multi-year low of 5.15 percent and reduced the benchmark lending rate by an 35 basis points to 5.4 percent. The apex bank took this step to boost liquidity in the banking sector and investment in various sectors. Following the RBI rate cut, many banks revised their deposit and lending rates. RBI had also asked banks to transfer the benefits to the customers. However, some banks are yet to bring down loan rates for the customers.