SBI's New Interest Rates On Savings Deposit To Take Effect From November 1
State Bank of India or SBI, the country's largest lender, has announced a reduction in interest rates on deposits in retail savings accounts. The new rates - to be effective from November 1, 2019 - follows a reduction in the repo rate - the key interest rate at which Reserve Bank Of India (RBI) lends short-term funds to commercial banks. Interest rates on savings accounts with balances up to Rs 1 lakh would be lowered by 25 basis points (bps) or 0.25 percentage points, according to SBI's statement issued earlier this month. SBI said the revision in interest rates is "in view of the adequate liquidity in the system"(Also read: SBI Pays These Interest Rates On Fixed Deposits Up To Rs 2 Crore)
On savings deposits, SBI has announced a revision from 3.50 per cent to 3.25 per cent on balances up to Rs 1 lakh from November 1, 2019, according to its statement.Â
Here are the revised SBI's savings account interest rates, effective from November 1:
| Savings Bank deposit slabs | Rate of Interest |
|---|---|
| Saving deposit accounts with balances upto Rs 1 lakh | 3.25 per cent (To be effective from November 1) |
| Saving dposit accounts with balances above Rs 1 lakh | |
| No Change - Rate continued at 3.00 per cent (2.75 per cent below RBI's Repo Rate, with a minimum of 3.00 per cent for the entire balance) |
(Source: sbi.co.in)
In May this year, SBI had linked its large savings deposits rates to the RBI's repo rate, offering an interest rate of 275 basis points lower the repo rate on savings account deposits with balance of over Rs 1 lakh.Â
The Reserve Bank of India has so far this year reduced the repo rate by a total 135 basis points in five consecutive bi-monthly reviews. The central bank will release its fifth bi-monthly policy statement of the current financial year on December 5
-
Unhedged Position: Can India See An Indonesia-Style Time Correction?
The Nifty is trading below levels it first clocked in 2024. Is there, then, as I have suggested in the headline, potential that the current time correction drags on painfully for the next three-five, even ten years?
-
Navigating Friction And Energy Realities: An Analysis Of Marco Rubio's October Visit To India
Occurring at a critical juncture marked by stalled trade negotiations and escalating geopolitical pressures over global energy supplies, the visit offers a profound window into modern US-India relations.
-
India Exports Capital. Why Not Export Trusteeship?
The big question, then, is whether India can build an institution that global borrowers, investors, banks, and lawyers can trust, even without an Indian connection.
-
France's Economy & Politics Are In Crisis | The Reason Why
Let's look at how the French economy and politics evolved under Nicolas Sarkozy, Franois Hollande and Emmanuel Macron.
-
You May Inherit The Business. You Must Earn Its Credibility.
Succession tests the founder's ability to share authority as much as it tests the next generation's readiness to assume it.
-
Signing Deals Is One Thing; Making Them Work Is Another | The Week In Whys
Sometimes, things don't turn out as planned. Indian companies have lost some bids to rivals, some projects won't produce until 2030.
-
FOMC Wall, PERM Suspension, Hospital Stocks | Talking Points This Week
A PERM suspension would directly affect green-card sponsorship rather than H-1B visas, so the near-term earnings impact could remain relatively limited. The key question is whether this marks a new phase in US scrutiny of Indian IT.
-
Everything, Everywhere, All At Once: Dalal Street's Week To Forget | Joining The Dots
Visa curbs, a Starlink spat and cancer drug caps: what connects this week's shocks for Indian markets
-
India Is Going Abroad For Critical Minerals. But It May Take Years To Pay Off | The Reason Why
Although India's steps are in the right direction, they remain modest compared with India's growing dependence.
-
When Everyone Has AI, What Gives You An Edge?
India's young workforce is entering an uncertain world of work where powerful AI tools are becoming widely accessible. The advantage will belong to those who combine deep expertise with digital fluency, and the distinctly human capabilities that technology cannot manufacture.
