SBI account holders got a big shock, this decision implemented on saving accounts

If you have a savings account with the State Bank of India (SBI), then this information is for you. Prior to the nationwide lockdown due to Corona virus, the bank announced a reduction in the interest received in the savings account. This announcement has been effective from Wednesday 15 April. With this announcement, now account holders will get 0.25% less interest. However, the bank has also given a big relief to its ATM card holders.

Bank announced on website

The bank announced this on its website that from now on, the account holders will get 2.75 percent interest in their savings account. The bank said in a statement that due to the banks having sufficient cash, it has decided to cut the savings deposit interest rate by 0.25 per cent.

Home loan rate also reduced

SBI has announced a 0.35% reduction in the marginal cost based loan interest rate. This will reduce the EMI of your home loan. The bank said that with this, the monthly installment of a home loan of 30 years duration will be reduced by 24 rupees per loan of Rs 1 lakh.

SBI Savings Account interest rate from April 15

On March 11, SBI reduced its savings bank interest rate to 3 percent for all customers. Previously it was 3.25 percent on the balance amount up to 1 lakh, and above 3 percent on more than 1 lakh. Now it is 2.75 percent on all savings.

Big relief for ATM card holders

However, the bank has given a big relief to its ATM card holders, saying that it is removing the service charge levied on June 30 after free 5 transactions at ATMs till June 30.