New Delhi, Oct 3: There is some real bad news for you.Now you will be earning less interest on your savings if you are a State Bank of India customer. That's because country's largest bank has reduced interest rates by 0.25% on deposits effective October 1.
The bank has revised rates for deposits up to 1 year with amount less than Rs 1 crore. From October 1, SBI will give you 6.50% interest, instead of 6.75%, for up to 1-year deposits.For senior citizens the rates have been cut to 7% from 7.25%.
SBI has also cut its base rate from 9% to 8.95% while it maintained its MCLR (marginal cost based lending rate) at 8% on one-year tenure loans.