SBI cuts savings rate by 0.5%; 90% customers to be impacted

SBI on Monday cut the interest rate on savings bank account deposits up to Rs 1 crore by 0.5 per cent to 3.5 per cent, lowest in six years, a decision that will impact 90 per cent of its customers.
 

The bank's decision comes two days ahead of RBI's monetary policy meet and is likely to trigger rate war among peers.
 

SBI's savings bank account base is of around Rs 9 lakh crore.
 

The country's largest lender, however, will continue to pay 4 per cent interest on savings bank accounts with deposits of above Rs 1 crore, it said in