Banks in the country are on a spree to slash savings interest rates. As many as seven banks have announced a rate cut on saving bank interest rate till now mainly due to the fall in the rate of inflation and surplus money, thanks to demonetisation.
Here's a list of banks which have slashed the savings bank interest rates till now:
State Bank of India (SBI): The country’s largest lender State Bank of India on 31st July cut its interest rate on savings bank accounts by 50 basis points to 3.5 percent on deposits of up to Rs 1 crore. However, the bank will keep offering an interest rate of 4 percent on deposits more than Rs 1 crore.
"SBI had to cut saving interest rates as real interest rate was very high. We had two options; either to raise MCLR or cut savings bank interest rates," Rajnish Kumar, MD of SBI had said.
