SBI Cuts Savings Rate to 3.25%; Is It Time to Move Your Money to Another Bank?
Yes Bank offers 6.25% per annum for saving deposits above Rs 1 crore. For deposits between Rs 1 crore and Rs 5 crore, the interest rate is 6%, while it is 5% for savings balance up to Rs 1 lakh.
Small accountholders at State Bank of India (SBI) received a jolt when the public sector lender reduced the interest rate on savings bank account with a balance below Rs 1 lakh by 25 basis points to just 3.25%, its lowest ever, with effect from November 1.
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