In April, the bank had reduced its savings bank deposits rate by 25 basis points to 2.75 per cent per annum across all slabs.
The country’s largest lender State Bank of India (SBI) has reduced interest rate on savings bank deposits by 5 basis points to 2.70 per cent per annum across all brackets. The revised interest rate is applicable from May 31, 2020, the bank’s website showed.
For savings bank deposits, the bank has two slabs — balance up to Rs 1 lakh and those with above Rs 1 lakh balance.
In April, the bank had reduced its savings bank deposits rate by 25 basis points to 2.75 per cent per annum across all slabs.
The lender, from May 27, has also slashed its retail term deposit rates by up to 40 basis points (bps) across all tenors.
