State Bank of India cuts interest rate on savings account by half per cent

The State Bank of India has slashed interest rate on savings account deposits by half a per cent to 3.5 per cent on balance up to 1 crore rupees. The bank said, for saving deposits balance above 1 crore, the rate of interest has been retained at 4 per cent per annum.

The bank is introducing two-tier saving bank interest rate with effect from today itself.

The largest public sector bank of the country said, revision of saving bank rate will enable the bank to maintain marginal cost of fund based lending rate at existing rates.

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