BAD NEWS FOR SBI SAVINGS ACCOUNT HOLDERS: SBI INTEREST RATES SLASHED: LOWER INTEREST RATES FROM 19 APRIL

SBI Savings Account Interest cut: Bad news for SBI customers

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The largest public sector bank of India, Stae Bank of India (SBI) has again brought bad news for its customers especially its Savings Bank Account holders. 

According to the latest information that is available on the public domain, SBI is going to slash interest rates i.e., minimize the interest rates for the deposits made in SBI Savings Account effective from 19 April, 2020.

Currently, SBI offers 3% interest for  Savings Bank Deposit accounts with balances up to and above Rs.1 lakh per annum i.e., per year. However from 19 April, 2020, this interest rate is going to be slashed to 2.75% per annum.

This means that SBI is going to slash 0.25% which will definitely harm the sentiments of SB Deposit Account holders. As the interest rate in SB Account deposits is very lesser than term deposits, this cut in interest rates will further sadden the retail depositors.

Let's understand how the cut in interest rate is going to affect you by the following example.

Assuming that you had deposited Rs. 10,000/- in your SB Account for 1 year and assuming that 3% interest rate was offered to you for that 1 year then you would have accrued interest of Rs. 300/-. However, after the rate cut, the same amount will now accrue interest of Rs. 275/- only which means a loss of Rs. 25/- in comparison to the previous rate.

Please note that the interest rates change every year which may increase or decrease subject to the decision of the SBI.

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