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SBI's new rules to come into effect from May 1: Key things to know

SBI is the first lender to announce a timeline to switch to an external benchmark

BS Web Team  |  New Delhi 

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 to an external benchmark--the 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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First Published: Tue, April 30 2019. 11:13 IST