Home / Money / Personal Finance /  SBI slashes interest rate on savings accounts by 5 bps to 2.70%. Details here
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State Bank of India (SBI) has trimmed interest rate by 5 basis points for savings deposits below 10 crore. However, the bank hiked rate by 25 basis points on savings from 10 crore and above. SBI's new rates have come into effect from October 15. On the other hand, another state-owned banker, Bank of Baroda (BoB) hiked the interest rates on foreign currency non-resident (FCNR) deposits maximum by 135 basis points across various currencies and maturity periods.

SBI interest rates:

According to SBI's website, the bank is offering 2.7% rates per annum on saving balances less than 10 crore effective from October 15. This is 5% basis points lower from the previous rate of 2.75% per annum.

However, SBI has hiked the rate by 25 basis points to 3% per annum on savings accounts with balances from 10 crore and above from the earlier rate of 2.75% per annum.

SBI has also increased its interest rates on fixed deposits below 2 crore by 10 basis points to 20 basis points effective from October 15. The bank is offering 3% to 5.85% to the general category on FDs from 7 days to 10 years tenures compared to the previous range of 2.90% to 5.65%. While senior citizens earn between 3.5% to 6.65% on FDs maturing these tenures compared to the previous range of 3.4% to 6.45%.

Bank of Baroda interest rates:

Bank of Baroda has hiked rates on FCNR in the Australian dollar by 135 basis points to 2.05% from 0.70% in 1 year to less than 2 years tenure. While the rates are increased by 5 basis points to 80 basis points in Australian dollars on tenures from 2 years to 5 years.

FCNR in USD is hiked between 10 basis points to 75 basis points on tenures from 1 year to less than 3 years. While the rates are unchanged on the remaining tenures.

In pound sterling, FCNR deposit rates are raised by 50-55 basis points on tenures from 1 year to less than 3 years. Meanwhile, on tenures from 3 years to 5 years, the rates are unchanged.

Further, in Euros, the bank has increased rates by 0.09% to 0.49% on tenures from 1 year to less than 4 years. Meanwhile, from 4 years to 5 years tenures, the rates are unchanged.

The new rates will come into effect from November 15, 2022.
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The new rates will come into effect from November 15, 2022. (Bank of Baroda official website)

The above revised rates will be applicable for fresh and existing FCNR (B) deposits which are renewed on maturity.

The new rates will come into effect from October 16, 2022.

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