SBI, which has already reduced interest rates on various deposits, will start implementing new interest rates on the latest savings accounts from November 1. This will have an impact on deposit holders who have bank accounts.
The interest rate on deposits of up to Rs 1 lakh in the savings account will be reduced to 3.25%. Customers who have deposits above Rs 1 lakh in SBI Savings Account will get a quarterly interest rate starting November 1. SBI cut interest rates on fixed deposits a few days ago. The decision was taken by SBI after the Reserve Bank of India lowered the interest repo rate.
The repo rate is currently 5.15%. SBI has reduced interest rates on fixed deposits from 6.5 percent from 6.4 percent. At present, only 6 percent interest is paid. Customers can visit the bank's official website, sbi.co.in, for full details of the new interest rates, effective November 1.