SBI cuts savings deposit rate by 5bps to 2.7%;BoB raises FCNR deposit rates ...Middle East

Business Standard - Economy
source : Business Standard ( Middle East ) () 22
State Bank of India (SBI) has reduced the interest rate on savings accounts by a marginal 5 basis points to 2.70 per cent effective from October 15. The new saving rates are applicable on balances of less than Rs 10 crore, on which the bank earlier offered 2.75 per cent per annum interest. The lowering of rates on savings accounts by SBI comes at a time when the peer lenders have been raising deposit rates to mobilise funds. However, on saving account balances of Rs 10 crore and above, SBI has increased the deposit rates to 3 per cent per annum from 2.75 per cent earlier. Bank of Baroda on the other hand hiked the interest rates on foreign currency non-resident (FCNR) deposits across various

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