India's largest bank, the State Bank of India took a decision on Tuesday that is likely to impact crores of its customers across the country. The bank reduced interest rates on savings accounts on Tuesday.
SBI is long regarded as the most stable bank and it has come to symbolise stability in Indian citizen's mind.
Though the image hasn't been hurt, the reduction in interest rates is a development worth taking note of.
SBI has decreased interest rate on savings account by 0.25 per cent. The new rate of interest is 2.75 per cent. The new rate will be applicable on April 15, 2020, onwards.
MCLR slashed too:
SBI has also slashed the Marginal cost of fund-based lending rate (MCLR)
The MCLR has been slashed by 0.35 per cent. These will be applicable April 10 onwards.