SBI savings account balance will fetch lower interest rate from next month
SBI had earlier this month had also cut interest rate on fixed deposits or FDs
Banking have been lowering their interest rates
The interest rate on savings account deposits with SBI or State Bank of India will fetch lower interest rates, effective from November 1. India's biggest bank had announced the rate revision earlier this month. Balances of less than ₹1 lakh in savings deposits with SBI will fetch 3.25%, as compared to 3.5%, from November 1. SBI, the largest commercial bank in terms of assets, deposits, branches, customers and employees, has a deposit base of over ₹30 lakh crore.