Or in other words, interest rates on large SBI savings account deposits and interest rate on some short-term loans will automatically change as and when RBI changes its repo rate. On savings accounts with deposits above ₹1 lakh, SBI will be offering interest rate of 275 bps below repo rate from May 1. Currently, SBI offers interest rate of 3.5% on savings account deposits of up to ₹1 crore and 4% on deposits above ₹1 crore. 2) SBI savings accounts with balances up to ₹1 lakh will continue to fetch interest rate of 3.50% per annum. This comprises about 95% of total SBI savings account holders.

Source: Mint April 30, 2019 07:18 UTC