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SBI Reduces Interest Rates on FD

SBI Interest rate

After Punjab National Bank , now the country’s largest government bank SBI has reduced the interest rates on the savings account, shocking the customers. This decision has shocked millions of customers. Now the annual interest rate on savings bank accounts in State Bank of India (SBI) has come down to 0.05% to 2.70%. The bank has also reduced interest rates on FD in the last week.

The two slabs of the bank for savings bank account are up to one lakh rupees and more than one lakh rupees. In April, the bank reduced the interest rate on savings bank account by 0.25 per cent to 2.75 per cent in all slabs.

SBI decided to reduce interest rates on FD in the last week. The bank reduced the interest rates on all term FDs by 0.40 per cent. The new rates came into effect from 27 May.

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