SBI Savings Interest Rate is Now 2.75%

SBI Saving Interest Rate – The lowest saving interest rate ever offered by any Public Sector Banks in India- India’s largest lender State Bank of India has reduced the saving account interest rate to 2.75%.

The interest rates for balances up to Rs 1 lakh and above Rs 1 lakh will now accrue at 2.75 percent as against the earlier 3 percent.

This interest cut will be effective from April 15. This is the 11th consecutive time the SBI has cut rates.

Read – How To Transfer Funds in SBI Without Beneficiary Registration ?

The interest rates for savings accounts are calculated on a daily basis depending on the end of the day balance in the account. The interest will be credited on half-yearly intervals.

The rate of interest offered on the balance in a savings account varies from bank to bank.