I think linking of deposit and loan rates to external benchmark is way to go as it makes transactions more transparent.<\/strong> Its more of an experimental idea and hence SBI has consciously chosen not to impact small depositors & borrowers. If this works out more banks and more products would adopt this practice.<\/p>\nEven after this, the bank still decides on the spread to the benchmark so today SBI decided that it would pay 2.75% less than Repo rate on savings account. Tomorrow it could easily change the 2.75% to 3%. So, the interest rates would still be in control.<\/p>\n
Nevertheless, it\u2019s a good move and I hope other major loans like Home, education and deposit products like FD, RD, etc are too marked to external benchmarks.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"SBI has made a very significant change in its Saving Account Interest Rate for balance of more than Rs 1 Lakh. It has linked the saving account interest rate and short-term loans to RBI Repo Rate.<\/p>\n","protected":false},"author":1,"featured_media":11314,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_uag_custom_page_level_css":"","site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[30,27],"tags":[267,3890,3888,3889],"uagb_featured_image_src":{"full":["https:\/\/www.apnaplan.com\/wp-content\/uploads\/2019\/05\/SBI-Saving-Account-Interest.png",992,560,false],"thumbnail":["https:\/\/www.apnaplan.com\/wp-content\/uploads\/2019\/05\/SBI-Saving-Account-Interest-150x150.png",150,150,true],"medium":["https:\/\/www.apnaplan.com\/wp-content\/uploads\/2019\/05\/SBI-Saving-Account-Interest-300x169.png",300,169,true],"medium_large":["https:\/\/www.apnaplan.com\/wp-content\/uploads\/2019\/05\/SBI-Saving-Account-Interest-768x434.png",768,434,true],"large":["https:\/\/www.apnaplan.com\/wp-content\/uploads\/2019\/05\/SBI-Saving-Account-Interest.png",992,560,false],"1536x1536":["https:\/\/www.apnaplan.com\/wp-content\/uploads\/2019\/05\/SBI-Saving-Account-Interest.png",992,560,false],"2048x2048":["https:\/\/www.apnaplan.com\/wp-content\/uploads\/2019\/05\/SBI-Saving-Account-Interest.png",992,560,false],"yarpp-thumbnail":["https:\/\/www.apnaplan.com\/wp-content\/uploads\/2019\/05\/SBI-Saving-Account-Interest.png",120,68,false]},"uagb_author_info":{"display_name":"Amit","author_link":"https:\/\/www.apnaplan.com\/author\/admin\/"},"uagb_comment_info":0,"uagb_excerpt":"SBI has made a very significant change in its Saving Account Interest Rate for balance of more than Rs 1 Lakh. It has linked the saving account interest rate and short-term loans to RBI Repo Rate.","_links":{"self":[{"href":"https:\/\/www.apnaplan.com\/wp-json\/wp\/v2\/posts\/11219"}],"collection":[{"href":"https:\/\/www.apnaplan.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.apnaplan.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.apnaplan.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.apnaplan.com\/wp-json\/wp\/v2\/comments?post=11219"}],"version-history":[{"count":0,"href":"https:\/\/www.apnaplan.com\/wp-json\/wp\/v2\/posts\/11219\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.apnaplan.com\/wp-json\/wp\/v2\/media\/11314"}],"wp:attachment":[{"href":"https:\/\/www.apnaplan.com\/wp-json\/wp\/v2\/media?parent=11219"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.apnaplan.com\/wp-json\/wp\/v2\/categories?post=11219"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.apnaplan.com\/wp-json\/wp\/v2\/tags?post=11219"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}