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SBI Cuts Savings A/C Rate to 2.5%, Lowest in Industry
The Morning Standard
|June 17, 2025
THE country's largest lender, State Bank, has slashed the interest rate on savings bank deposits by a hefty 25-50 bps to 2.5% from the existing 2.7%, the lowest on record.
The rate reduction for the deposits is a disincentive for small savers. The decision comes within days of the bank passing on the 50 bps repo rate cut by the central bank to borrowers, effective June 15.
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