New Delhi: If you have a savings account with the State Bank of India (SBI), then this news is for you only. Prior to the nationwide lockdown due to Corona epidemic, the bank had announced a reduction in the interest paid in the savings account. It is effective from Wednesday 15 April. With this announcement, now account holders will get 0.25 percent less interest. However, SBI has given a big relief to its ATM cardholder consumers.
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The bank announced on its website that from now on, 2.75 percent interest will be given to the account holders in their savings account. The bank said in a statement that due to the banks having sufficient cash, it has decided to cut the savings deposit interest rate by 0.25 per cent. SBI has announced a 0.35% reduction in Marginal Cost Based Loan Interest Rate (MCLR). This will reduce your home loan instalment. The bank said that this will reduce the monthly instalment of a housing loan of 30 years to Rs 24 on loan of Rs 1 lakh.
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On March 11, SBI reduced its savings bank interest rate to 3 percent for all customers. Earlier it was 3.25 percent on the balance amount up to 1 lakh, and above 3 lakh on more than 1 lakh. Now it is 2.75 percent on all savings.
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