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SBI pares savings account interest rate to 3%, scraps minimum balance fine
No more SMS charges, Home and auto loan customers to gain as MCLR is slashed by 10-15 bps in tenth such cut this year
Deposit-heavy banks to gain most from SBI's savings rate cut to 3.5%
Banks with high deposits also include PNB, HDFC Bank, ICICI Bank, Axis Bank, BoB and Canara Bank
SBI does a first, cuts savings rate to 3.5% on deposits up to Rs 1 cr
50-bps reduction may prompt others to follow
