SBI Reduces Interest Rate on Savings Account!

The State Bank of India (SBI) has reduced the interest rate on its savings account for balances below Rupees 1 lakh to 3.25% from 3.5%. The bank also cut interest rates of Fixed Deposits last month.

Last month, SBI said that interest rates on savings accounts with balance up to Rs 1 lakh would be reduced by 25 basis points.

India's largest bank in terms of assets, deposits, branches, customers and employees has a deposit base of over Rs 28 lakh crore.