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

[Sarkar]

brother post offices are available in every village and also in some towns more branches are available not only post offices also available Garmin banks having ATM facility why using Sbi throw into dustbin

No need to throw as you will soon be able to Port your SBI bank account to other bank just like SIM card

 

[Sai Jai]

On the other hand number of free withdrawal in other ATM is capped at 3 that is also need to be considered if that matters for customers as he will most likely to find a SBI ATM than other bank ATM as with 60,000 ATMs SBI it is almost 5 times the number of ATMs compared to next major bank.

Just sharing my experience bro

In SBI ATM not working at all so 99% I'm using other bank ATM only for withdrawn like icici , hdfc like that but I didn't anything extra after 3 cap count over also

..

 

[Bapun]

FM defends SBI decision to cut saving account interest rate - Times of India

 

[ABCDEFGH]

Now ICICI has also done the same
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ICICI Bank cut interest rate on savings account by 0.5%

Private sector lender ICICI Bank on Friday announced to reduce interest rate on savings accounts by 50 basis points to 3.5% on deposits below Rs 50 lakh.

The interest rate on savings bank accounts with deposits of Rs 50 lakh and above remains unchanged at 4%, the bank said in a regulatory filing. The revised interest rate will be effective from tomorrow. On July 31, market leader State Bank of India (SBI) slashed interest rate on savings account deposits by 50 basis points to 3.5% on balance of Rs 1 crore and below. Several other lenders including, HDFC Bank, Bank of Baroda, Punjab National Bank and Axis Bank have also revised their interest rate on savings bank accounts.

ICICI Bank cut interest rate on savings account by 0.5% | Latest News & Updates at Daily News & Analysis

 

[Kiran Reddy]

These days banks are finding different ways to increase income and reduce expenditures I came to know the value of ATM after demonetization big lines, no cash boards increased my hatred towards banks.

My policy is to have your deposits with private banks and loans from government banks. Private banks provide best service which we need incase of deposits, government banks have low interest rates on loans and do not charge penalty if you decide to prepay before original tenure (though they are lazy in approving loan).

 

[Sarkar]

Loan rate has decreased a lot, we paid 11.25% for house loan but it has come down to 8%

 

[Kiran Reddy]

Loan rate has decreased a lot, we paid 11.25% for house loan but it has come down to 8%

Yes bro, loan interest rates have been decreased in last few days. But banks are very prompt in applying decrease on interest rates on deposits but delay it when it comes to interest on loans.
I have home loan with UCO bank and they are telling lot of formalities/paper work to move loan to MCLR and have interest rate decrease applicable to me Its been 6-7 months but still I am unable to get the interest rate decreased.