SBI Saving Interest Rate – The lowest saving interest rate ever offered by any Public Sector Banks in India- India’s largest lender State Bank of India has reduced the saving account interest rate to 2.75%.
The interest rates for balances up to Rs 1 lakh and above Rs 1 lakh will now accrue at 2.75 percent as against the earlier 3 percent.
This interest cut will be effective from April 15. This is the 11th consecutive time the SBI has cut rates.
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The interest rates for savings accounts are calculated on a daily basis depending on the end of the day balance in the account. The interest will be credited on half-yearly intervals.
The rate of interest offered on the balance in a savings account varies from bank to bank.