If you have a Saving Account in the State Bank of India (SBI), then this information is for you. Prior to the nationwide lockdown due to Coronavirus, the bank announced a reduction in the interest received in the savings account. This announcement has been effective from Wednesday 15 April. With this announcement, now account holders will get 0.25% less interest. However, the bank has also given a big relief to its ATM card holders.
Bank announced on its official website :
The bank announced this on its website that from now on, the account holders will get 2.75 percent interest 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.
Home loan interest rate also reduced :
SBI has announced a 0.35% reduction in Marginal Cost Based Loan Interest Rate (MCLR). This will reduce the EMI of your home loan. The bank said that with this, the monthly installment of a home loan of 30 years duration will be reduced by 24 rupees per loan of Rs. 1 lakh.
News Source : Zee News