{"id":11219,"date":"2019-05-02T08:11:55","date_gmt":"2019-05-02T02:41:55","guid":{"rendered":"https:\/\/www.apnaplan.com\/?p=11219"},"modified":"2020-06-19T14:08:04","modified_gmt":"2020-06-19T08:38:04","slug":"sbi-saving-account-interest","status":"publish","type":"post","link":"https:\/\/www.apnaplan.com\/sbi-saving-account-interest\/","title":{"rendered":"SBI Saving Account Interest Rate Changes from May 1, 2019"},"content":{"rendered":"\n

SBI<\/strong> has made a very significant change in its Saving Account Interest Rate<\/strong> for balance of more than Rs 1 Lakh. It has linked the saving account interest rate and short-term loans to RBI Repo Rate<\/strong>. For those who are not aware, Repo Rate is the rate at which RBI gives loans to banks. The change is effective from May 1, 2019.<\/em><\/p>\n

Why SBI linking of Repo Rate is BIG change?<\/h2>\n

Banks in India have been very unfair about passing of interest rate change benefits to their customers. When the interest rate goes up, banks increase the interest rates on loans quickly but not so much for their deposits (like Fixed Deposits, etc). This can be solved to an extent if the loans and deposits both are linked to an external benchmark like Repo Rate. When there is any change in the benchmark the interest rates would be auto-adjusted.<\/strong> So SBI\u2019s linking of Repo rate to saving account interest rate and some loans, it\u2019s a step in right direction.<\/p>\n

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SBI Saving Account Interest<\/figcaption><\/figure>\n
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Also Read: 21 Hidden Charges in Saving Bank Account<\/a><\/p>\n<\/blockquote>\n

SBI Saving Account Interest Rate:<\/h2>\n

After the change form May 1, 2019:<\/p>\n