MUMBAI : Less than a week after the Reserve Bank of India (RBI) lowered policy rates, the State Bank of India (SBI) on Wednesday cut lending and deposit rates citing adequate liquidity situation. SBI also cut interest rates on its saving accounts for balance below ₹1 lakh to a historic low of 3.25%. The new interest rates on savings deposits will be effective from 1 November. At the current repo rate of 5.15%, this would mean a meagre 2.4% on such deposit rates. “SBI’s move to bring down the savings deposit rates is aimed at bringing down overall cost of funds.

Source: Mint October 09, 2019 18:56 UTC