SBI cuts interest rate on saving deposits up to â¹1cr to 3.5%
India's largest lender State Bank of India (SBI) on Monday cut interest rates on savings bank deposits by 0.50 percentage points effective July 31. For saving deposits balance up to â¹1 crore, SBI will offer an interest rate of 3.5% as compared to 4% earlier and for balance above â¹1 crore, the rate has been retained at 4% per annum.