SBI reduced interest on savings account by 0.05%, ICICI Bank reduced 0.25%

Posted on 3rd Jun 2020 12:29 pm by rohit kumar

Mumbai

State Bank of India (SBI) has reduced the annual interest rate on savings bank accounts by 0.05 percent to 2.70 percent. At the same time, ICICI Bank, the second largest bank in the private sector, has cut the interest rate on savings account by 0.25 percent. SBI has reduced the annual interest rate on savings bank accounts by 0.05 percent to 2.70 percent. As per information available on the bank's website, the revised interest rates have come into effect from May 31.

 

The bank has two slabs for savings bank account up to one lakh rupees and more than one lakh rupees. SBI has cut interest rates on savings account for the second time in the current financial year. Earlier in April, the bank reduced the interest rate on savings bank accounts by 0.25 percent to 2.75 percent in all slabs.

 

 

In addition, the bank on May 27 had cut all maturity term retail term deposit rates by 0.40 per cent. ICICI Bank said in a communication sent to the stock exchanges that it has reduced the interest rate on all deposits of less than Rs 50 lakh to 0.25 percent from 3.25 to 3 percent.

 

 

The interest rate on deposits of Rs 50 lakh or more has been reduced from 3.75 to 3.50 percent. The bank has said that the new interest rates on savings account will be applicable from Thursday. Banks are cutting interest rates on deposits as demand for new loans comes down amidst a tight liquidity situation.

Other news

Russia-Ukraine War: Russia raises Ukraine's 'dirty bomb' issue in UN, Western countries refute allegations

Russia on Tuesday raised the issue of Ukraine's so-called dirty bombs at the United Nations Secur

IGNOU Ph.D. Exam 2022: Answer key of IGNOU Ph.D. entrance exam released, download here

IGNOU Ph.D. Exam 2022: National Testing Agency (NTA) has released the answer key of the Indira Ga

Delhi Weather: Strong storm, rain and hail changed the mood of the weather... When will it rain now, what will be the speed of the wind?

The sun rained fire from the sky throughout the day in the capital on Wednesday, and people were

Shefali Jariwala Death: Shefali Jariwala's friend revealed the secret of the actress' last moments, said- 'The pulse is still there….'

'Kaanta Laga Girl' Shefali Jariwala died at the age of 42, reportedly due to a heart attack. Howe

Download 2GB Movies Now in 10 Seconds: 5G Service By Next Year, It's 10 Times Faster Than Current 4G; Spectrum auction approved by cabinet

The Union Cabinet has approved the auction of the 5G spectrum in the country. As per the proposal

Rahul Gandhi will meet a delegation of farmer leaders today, a meeting will be held in Parliament House

Leader of Opposition in Lok Sabha and Congress leader Rahul Gandhi will meet a delegation of seve

Anant Radhika Pre-Wedding Theme: What is the theme of Anant Radhika's pre-wedding function? Nita Ambani revealed

Anant Ambani and Radhika Merchant's pre-wedding celebrations are starting today in Jamnagar, Guja

Ruckus in Parliament on the issue of illegal Indian immigrants returning from America, Congress said- why is the government silent

104 Indians who had entered the US illegally have returned to their homeland. On Wednesday, a US

US Federal Reserve: Fed chief expressed concern, despite all recent efforts, inflation is very high

US Federal Reserve Governor Lisa D Cook has expressed concern over inflation. He has said that de

The value of the shares of the Mistry family in the Tata group has increased from two crore to two lakh crore in 90 years, but now the relationship is nearing an end

After the separation of the Ambani brothers, the most talked about issue in the country is the on