SBI rocks the boat of deposit rates, its peers may feel the pain2 min read . Updated: 12 Mar 2019, 04:34 AM IST
- Private banks have over the past five years eaten into market share of public sector banks in savings deposits
- SBI, on account of its sheer size, may be able to protect its base, but its peers will suffer, should they choose to follow
India’s largest bank has bitten the bullet on making interest rates more pliable to changes in policy rates. State Bank of India (SBI) has linked the rate on the stickiest of its products, savings bank deposits, to the benchmark repo rate. The change applies to deposits exceeding ₹1 lakh in value.
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