Finance Desk – If your money is chilling in a savings account or a fixed deposit with SBI, here’s a gentle (and slightly painful) wake-up call: interest rates are going down—again. Starting June 15, SBI is trimming rates on both savings accounts and fixed deposits (FDs).
What’s Happening?
SBI has cut savings account interest rates by up to 50 basis points across the board.
Fixed deposits under ₹3 crore also got a haircut—25 bps lower depending on the maturity.
Why? Well, the RBI cut the repo rate by 50 bps last week, so SBI and other banks are just following the leader. Think of it as the financial version of “monkey see, monkey do.”
Senior Citizens: Ouch.
This move especially hits senior citizens, who depend on interest income. That FD income you used to call your “monthly pocket money”? It just got a little leaner.
SBI has also trimmed its home loan rates, now ranging from 7.5% to 8.45%, thanks to a 50 bps cut in the external benchmark lending rate (EBLR).
Other banks are in the same boat:
HDFC Bank: Now giving a flat 2.75% on all savings—no matter if you’ve got ₹5,000 or ₹50 lakh. Equality hurts sometimes.
ICICI Bank, Canara Bank, Union Bank, and others have also cut FD and lending rates. Misery loves company.
