The decline in rate of inflation and high real interest rates have prompted State Bank of India to cut the savings bank deposits rate from 4 per cent to.....on deposits below Rs. 1 crore.

BANKING GENERAL KNOWLEDGE

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

The decline in rate of inflation and high real interest rates have prompted State Bank of India to cut the savings bank deposits rate from 4 per cent to____on deposits below Rs. 1 crore.

A	3.50 per cent
B	2.75 per cent
C	3.75 per cent
D	3.30 per cent

Explanation:

Detailed explanation-1: -Yes Bank Savings Account Interest Rate : Yes Bank offers one of the most attractive interest rates when it comes to Savings Accounts. Having revised their interest rates, the bank will now offer an interest rate of 4.00% p.a. for all Savings Accounts with a balance of up to Rs.1 lakh.

Detailed explanation-2: -Banks are now also free to offer varying rates of interest for different sizes of deposits above a cut-off point, since the cost of transaction differs by size.

Detailed explanation-3: -Earn 7.3%* Interest on FD Rates are subject to change as per the bank’s discretion. SBI offers FD interest rates of 3.00%-7.10% p.a. to the general public and 3.50%-7.50% p.a. to senior citizens for tenures ranging from 7 days to 10 years. The interest rate of SBI Tax Saving FD is 6.50% p.a.

Detailed explanation-4: -As a part of financial sector reforms, the Reserve Bank has deregulated interest rates on deposits, other than savings bank deposits. The interest rate on savings bank deposits has remained unchanged at 3.5 per cent per annum since March 1, 2003.

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