Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
CO-PRESENTED BY
LIVE TV DownloadNews18 App
News18 English
»
1-min read

SBI up 5% as it Cuts Interest Rate on Savings Account Deposits

The State Bank of India will continue to offer 4 per cent interest on savings account balance of Rs 1 crore and above.

PTI

Updated:July 31, 2017, 3:09 PM IST
facebookTwittergoogleskypewhatsapp
SBI up 5% as it Cuts Interest Rate on Savings Account Deposits
SBI logo. (Photo: Reuters)
New Delhi: Shares of the SBI (State Bank of India) went up by nearly 5 per cent on Monday 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.

It further said: "The decline in rate of inflation and high real interest rates are primary considerations warranting a revision in rates of interest on savings bank deposits."

"The rate cut by SBI on savings bank account is a strategic move by the bank aimed at increasing profits. This is purely a commercial move which will boost profitability and ratios for the bank," said Jimeet Modi, CEO, SAMCO Securities.

Buying was also seen in other bank stocks, with Bank of Baroda trading 3.25 per cent higher, ICICI Bank up 2.60 per cent and PNB (1.92 per cent).

The BSE bank index was trading 1.37 per cent higher at 28,405.09 during the late afternoon trade.
| Edited by: Nitya Thirumalai
Read full article
Next Story
Next Story

Also Watch

facebookTwittergoogleskypewhatsapp
 
 
Most Active
Company Price Change %Gain
IndusInd Bank 1,518.90 4.91
Reliance 1,340.40 0.04
SBI 341.10 1.05
Indiabulls Hsg 784.55 -2.87
Yes Bank 137.55 -2.45
Company Price Change %Gain
IndusInd Bank 1,517.55 4.84
Indiabulls Hsg 785.95 -2.76
Reliance 1,340.70 0.07
Yes Bank 137.70 -2.34
SBI 340.85 0.98
Top Gainers
Company Price Change %Gain
IndusInd Bank 1,518.90 4.91
Sun Pharma 421.20 3.02
BPCL 384.25 2.62
Bajaj Auto 3,047.20 2.28
Coal India 241.25 1.71
Company Price Change %Gain
IndusInd Bank 1,517.55 4.84
Sun Pharma 420.65 2.92
Bajaj Auto 3,049.70 2.31
Tata Motors 179.45 1.61
Hero Motocorp 2,698.80 1.58
Top Losers
Company Price Change %Gain
Tech Mahindra 749.95 -2.99
Indiabulls Hsg 784.55 -2.87
Yes Bank 137.55 -2.45
Bharti Infratel 269.35 -2.44
ITC 299.75 -2.01
Company Price Change %Gain
Yes Bank 137.70 -2.34
ITC 299.55 -1.88
TCS 2,082.75 -1.25
Power Grid Corp 182.10 -1.03
HUL 1,766.15 -0.97

Live TV

Countdown To Elections Results
  • 01 d
  • 12 h
  • 38 m
  • 09 s
To Assembly Elections 2018 Results