SBI links interest rate of large savings accounts to repo rate: 5 points
New Delhi, May 2 -- From May 1, India's largest bank State Bank of India (SBI) has moved to a new interest rate regime on large savings account deposits as well as short-term loans. In March, SBI had announced that it will link its interest rate on savings account with balance above Rs.1 lakh and short-term loans like overdraft and cash credit facility to Reserve Bank of India's (RBI) repo rate, effective 1 May 2019. Or in other words, interest rates on large SBI savings account deposits and interest rate on some short-term loans will automatically change as and when RBI changes its repo rate. This will help in better transmission of RBI's policy rates into the banking system. SBI's domestic savings bank deposits stood at more than Rs.10.64 lakh crore at end-December 2018....
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