SBI Cuts Sav­ings In­ter­est Rate to 3.5%

The Economic Times - - Front Page -

State Bank of In­dia on Mon­day cut in­ter­est rate on sav­ings bank ac­counts by 50 ba­sis points to 3.5% on bal­ance of .₹ 1 crore and be­low, af­ter over 6 years of sta­tus quo. SBI’s rate cut could ig­nite a rate war among the large state-run and pri­vate banks, but most mid-sized and small fi­nance banks hun­gry to gain in­cre­men­tal mar­ket share could de­cide to hold rates, re­ports Saloni Shukla.

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