New Delhi, July 31 (PTI) Shares of State Bank of India
went up by nearly 5 per cent today after it slashed interest
on savings account deposits by 50 basis points to 3.5 per cent
on balance of up to Rs 1 crore.
The SBI stock rallied 4.71 per cent to Rs 313.30 on BSE.
On NSE, it gained 4.74 per cent to Rs 313.30.
However, the bank will continue to offer 4 per cent
interest on savings account balance of Rs 1 crore and above.
“The bank is introducing two-tier saving bank interest
rate with effect from July 31. While balance above Rs 1 crore
will continue to earn interest at 4 per cent per annum,
interest at 3.5 per cent will be offered on balance of Rs 1
crore and below,” SBI said in a regulatory filing.
