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In A First Since Deregulation, SBI Slashes Interest Rate On Savings Accounts - BloombergQuint

State Bank of India (SBI) on Monday introduced a two-tier interest rate structure for savings bank accounts, effectively slashing the rate of interest that most depositors will earn from here on. The move marks the first time that India's largest bank ...and more »

SBI's big retail banking gamble - Fortune India

SBI's 50 bps reduction in savings account rate works out to be a saving of at least Rs 400 crore in interest outgo. By Rajiv Bhuva, Aug 2, 2017. SBI's big retail banking gamble. Image: Narendra Bisht. Up to a decade ago, the interest rate on savings ...and more »

Deposit-heavy banks to gain most from SBI's savings rate cut to 3.5% - Business Standard

Over 80 per cent of savings accounts are estimated to have deposits of less than Rs 1 crore. Therefore, SBI is clearly headed for an improvement in financials from the September quarter onwards as Monday's announcement takes effect from July 31. ALSO ...and more »

SBI cuts savings deposit rate by 50 bps to 3.5% - The Hindu

For the first time since savings account interest rates were deregulated in 2011, State Bank of India has decided to revise the rate downward by 50 basis points to 3.5%, for deposits of less than ₹1 crore. Deposits of ₹1 crore and above will continue ...and more »

Market Now: Bank stocks surge as SBI cuts savings rate - Economic Times

NEW DELHI: Backed by solid performance in stocks such as Bank of Baroda (up 3.44 per cent), State Bank of India (up 3.44 per cent), Punjab National Bank (up 1.76 per cent), Bank of India (up 1.20 per cent) and Union Bank of India (up 0.96 per cent ...and more »

The Daily Fix: The SBI rate cut shows that the damage caused by demonetisation continues -

The cascading ill-effects of the badly-conceived and even more badly-managed demonetisation continue to play out. In the latest episode, they have spiralled out to take a bite off the poor who put their money in banks. On Monday, the State Bank of ...and more »

SBI cuts saving account rate by 0.5 percent on balance upto Rs 1 crore - The Indian Express

The bank is introducing a two tier saving bank interest rate with effect from July 31, the bank has slashed the interest on saving account deposits by 50 basis points to 3.5 percent on balance up to Rs 1 crore. 0. Shares. Share. By: PTI | New Delhi ...and more »

Why did SBI slash its savings account interest rate? - Livemint

Since savings accounts are more of an operational tool than investment, SBI will not see a flight of customers to other banks that offer higher interest rates. Graphic: Mint. Six years since the savings deposit rate was deregulated by the Reserve Bank ...and more »

Savings Rate Cut To Lift SBI's Earnings. Will Other Banks Follow Suit? - BloombergQuint

State Bank of India's decision to slash the saving account rate for most customers may lead to an increase of nearly 20 percent in its profit before tax, according to brokerage estimates. India's largest lender will introduce a two-tier savings bank ...and more »

SBI reduces savings rate, sets stage for RBI rate cut - Livemint

SBI's move to cut interest rates for savings bank accounts with balance of up to Rs1 crore is likely to be emulated by other banks. Photo: Mint. Mumbai: State Bank of India (SBI) cut the interest rate on savings accounts with balance of up to Rs1 crore ...and more »