India’s largest lender State Bank of India (SBI) and second largest private sector lender ICICI have slashed interest rates on savings bank account deposits by 5bps and 25bps respectively.
As per SBI’s website, the lender has reduced its savings deposit interest rates to 2.70 per cent across all slabs from May 31, according to its website.
The new rates came into effect from May 31, 2020.
This latest deduction in saving bank deposits’ interest rate is the second reduction. Earlier in April, SBI had cut washing’s bank deposits by 25 basis points (bps) to 2.75 per cent per annum across all slabs.
The chart below gives detailed info of the new rates for all SBI customers.
On the other hand, ICICI Bank, in a regulatory filing on Tuesday, announced it has cut interest rates on all deposits of less than Rs 50 lakh by 25 bps to 3 per cent from 3.25 per cent.
“ICICI Bank has announced a reduction in its savings bank account interest rate with effect from June 4, 2020,” it said.
Similarly, bank customers having deposits of ₹50 lakh and above, will receive interest of 3.50%, down from 3.75% currently.