SBI Saving Account Interest rate: SBI has reduced the interest rates on its savings accounts, along with this, the interest rates on FDs of different tenures have also been reduced.
SBI Saving Account Interest rate
SBI Saving Account Interest rate: SBI is the largest government bank in the country which has millions of customers. The money deposited by investors here is not only safe but people get it with high returns. SBI gives a good interest rate to its customers in savings account, but now SBI is reducing the interest rates of its savings account, due to which people will get the money invested in it with a lower interest rate.
This reduction is being done due to the reduction in repo rate because RBI reduced its repo rate by 50 basis points, after which almost all the banks are reducing their repo rate and the banks which have not yet reduced their FD rates can reduce it very soon. Due to this, SBI is also reducing its interest rates, now investors in SBI will get returns on their savings account as per the new interest rates or else the interest rates will be implemented from June 15.
RBI’s repo rate cut by 50 basis points
SBI Saving Account Interest rate is being cut due to RBI’s repo rate cut. RBI has cut its repo rate by 50 basis points, after which banks have started reducing their interest rates due to which SBI has cut it by 50 basis points, apart from this, 25 basis points have been cut on FDs of less than 3 crores for different periods.
How much interest rates have been reduced
Now new interest rates are being implemented by reducing the SBI Saving Account Interest rate. Earlier, investors in SBI’s savings account were given an interest rate of up to 2.7% on their invested money, but now after implementing the new interest rates, investors will get a return at the rate of 2.5%.
New interest rate on FD
After the cut in SBI Saving Account Interest rate, now new interest rates will be given on FD. The Reserve Bank of India has cut its repo rate by 50 basis points and has also decided to cut the cash reserve ratio by 100 basis points. Now in SBI, interest rate on 1 to 2 year FDs will be cut by 25 basis points, making it 6.50%. Its partner SBI has also cut 25 basis points on its 444 days Amrut Vrishti FD, in which it has been made 6.85% for general citizens and 7.50% for senior citizens.
