Well, The State Bank of India has released some new rules, and rates for the saving accounts from this financial year. Reports are coming that they have come up with the new interest rates for large savings accounts deposits. Reports are coming that with the balance of over Rs 1 lakh in the saving accounts the customers are going to get new rates and rules. Also, with that balance, you all are going to get short-term loans from May 1, 2019.
You all should know that the transition was made by the top state-run bank in March. Some of you might know that the new rules are already in implantation and the SBI will link its interest rate on savings accounts with an existing balance over Rs 1 lakh. Also, the reports are coming that the Reserve Bank of India’s (RBI) repo rate is also updated and it will also apply to short-term loans as well as overdrafts and cash credit facility.
Some of you might know that the interest rate applicable on large SBI savings accounts as well as deposits and the interest rate on short-term loans will automatically change. Also, the reports are coming that the top bank, the new system will help in more efficient integration of RBI’s policy rates in the banking system. Also, you all should know that this became the first bank in India to adopt an external benchmark rate to the fixed rates.
We think that the new rules are about to be kick start from May 1, 2019. Now, it is good news for all the customers because the bank will adopt the RBI’s existing repo rate for determining interest on savings account deposits. As of now, the RBI’s repo rate, after two back-to-back cuts, stands at 6 percent. Overall, things are going to be good for the bank as well as for everyone. SBI will be offering an interest rate of 2.75 percent below the current repo rate i.e. 3.25 percent, according to the bank’s website.
