NEW DELHI: SBI on Wednesday cut interest on savings bank accounts to 3 per cent and also waived minimum balance requirement, as it set the trend of lowering interest rates in the banking sector.
The country’s largest lender has 44.51 crore savings bank (SB) accounts.
More banks are likely to follow to the market leader in slashing interest rate on SB accounts and waiving minimum balance requirements.
Earlier in the day, State Bank of India (SBI) reduced its fixed deposit rates and marginal cost of funds-based lending rates (MCLR) for various tenors.
Keeping in mind the ‘Customers First’ approach, the bank said it has also waived SMS charges, which will bring significant relief to all the customers. (AGENCIES)
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