SBI savings account interest rate cut for some users, hiked for others; Bank of Baroda raises FCNR deposit rates: Check new interest rates

State Bank of India savings account interest rate: Interest rates on savings accounts took another beating on Monday. India's largest public sector lender State Bank of India (SBI) today announced reduction in the interest rate on savings accounts by 5 basis points. This reduction in SBI interest rate brings the saving account interest rate down to 2.70 per cent effective from October 15.

SBI Savings Account Interest Rate

PTI reported that the new interest rates for SBI savings accounts are applicable from October 15 on accounts with balance of less than Rs 10 crore. Earlier, SBI used to 2.75% interest per annum on such saving accounts.

The lowering of rates on savings accounts by State Bank of India comes at a time when other banks and lender have been raising deposit rates to mobilise funds.

SBI Savings Account Interest Rate New

State Bank of India has, however, raised interest rate on saving account with balance of Rs 10 crore and above. SBI has increased the savings account interest rate to 3% per annum from 2.75 per cent earlier.

Bank of Baroda FCNR Account Interest Rate Increase

Bank of Baroda on the other hand hiked the interest rates on foreign currency non-resident (FCNR) deposits across various currencies and maturity periods by up to 135 basis points.

The new deposit rates at Bank of Baroda have come to effect from October 16, 2022 and will remain in force till November 15, 2022, BoB said in a release on Monday. Bank of Baroda revised saving interest rates are applicable on fresh and existing FCNR deposits which are renewed on maturity, the lender said.