State Bank of India has announced latest Interest rates offered in the Saving Account. These new rates will affect 90% saving account holders.
In latest Interest Rates:
- If your Saving Account Balance is below 1 crore then you will get now 3.50% Interest, before that it was 4%.
- And if your account balance is above 1 crore then you will get same 4% Interest, no change in it.
- This New Interest rate has been implemented since July 21
SBI Announce Latest Interest Rate For Saving Account
Recently India’s largest public sector bank State Bank of India has increased ATM transactions charges and also Increased Monthly average balance from Rs.1000 to Rs.5000 for saving account. (If your monthly average balance below 5000 then you will be charges 100-150 per month.)
And now the bank has reduced interest rates for Saving Account holders who have below 1 crore account balance.
If there is less money in your account then it will not affect you much, but the loss is for those whose lacs are deposited and earn lots of money from Interest.
How to Get More Interest Rate?
As you know, now it is necessary to keep Minimum Rs.5000 in your Savings account, so maintain this balance.
Suppose now, if you have Rs.20,000 in your account, then you can fixed deposit of 10,000, and select tha duration for 1/3 month, 6 months or 1 year.
You can open fix deposit very easily from Internet banking or SBI Anywhere.
Currently SBI offers up to 7% Interest rates for fix deposit.
You can select any tenure 1/3 month, six month, 1 year. You will get monthly Interest or after maturity of fix deposit.
Currently only State Bank of India has changed Interest rates for saving account, Apart from this, other banks have not made any changes in the Interest rates.