Many individuals are concerned about more banks following the example set by State Bank of IndiaBSE -1.20 % and reducing interest on savings bank deposits and fixed deposits. Many of them, especially retired folks who bank on interest income to take care of their living expense, believe that further reduction in deposit rates are likely to put their finances under severe strain.
The public sector leviathan cut interest rates on savings bank deposits by 0.50 per cent on Tuesday. T ..
