Breaking Bad News: SBI cuts interest rates for Saving accounts by 0.5%

[Ritesh]

SBI (State Bank of India) has cut interest rate on savings bank accounts to 3.5 per cent from 4 per cent on balance of Rs 1 crore and below, the country's largest public sector lender informed the stock exchanges on Monday in a regulatory filing. About 90 per cent of SBI's savings bank accounts have balances under Rs 1 crore.

Source: SBI cuts interest rate on savings account deposits - Times of India

 

[Mohit Mangal]

bad news for small depositors...although one can take fd route for higher deposits.

 

[Kiran Reddy]

Bad move

I still do not understand what good did happen to common people with demonetization

 

[Optimus_Prime]

Time to leave this earth...
90% Indian have less than 1 Cr. In their savings account.
SBI..REALLY U GO TO HELL NOW.

 

[akshayprabhu]

bad news for small depositors...although one can take fd route for higher deposits.

Even those rates aren't much higher

 

[akshayprabhu]

lag gayi indiawaalo ki

 

[Optimus_Prime]

Har Ghar Modi
abki bar modi sarkar.

 

[Ritesh]

Day by day Sbi giving its customers a reason to close their accounts.

 

[Optimus_Prime]

Now all leading bank starting from UBI to Bandhan , will follow SBI path

 

[PRK]

This is a good considering economics. All will do it soon. People are earning a real interest rate now. Banks are in pressure, will ease a bit. Loans will get cheaper, let RBI reduce rate.