SBI is the first lender to announce a timeline to switch to an external benchmark
In a first-of-its-kind initiative, the nation's largest lender State Bank Friday announced linking of its savings deposits rates and short-term loans to an external benchmark--the repo rate of the Reserve Bank.
The new rates will be effective May 1, the bank said in a statement.
But the move will not benefit all its depositors as the new rate is applicable only to those with a balance of over Rs 1 lakh in their accounts.
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