SBI Increases Saving Bank Interest Rates By 0.30% For Deposits Of Rs. 10 Crore & Above

·         Interest rates for saving Bank deposits below Rs. 10 Crore remains unchanged at 2.70%  

State Bank of India, the largest bank in the country has announced that it has increased the interest rates on saving bank deposits by 0.30% (30 bps) for the balance Rs. 10 crore and above. The interest rates for deposits below Rs. 10 Crore remain unchanged at 2.70%. The revised rates are applicable from October 15, 2022 onwards.   

About State Bank of India:

State Bank of India is the largest commercial bank in terms of assets, deposits, branches, customers, and employees. It is also the largest mortgage lender in the country which has so far fulfilled the home buying dreams of over 30 lakh Indian families. The home loan portfolio of the bank has crossed Rs 6.00 lakh crore. As on June 30, 2022, the bank has a deposit base of over Rs. 40.46 lakh crore with CASA ratio of 45.33% and advances of more than Rs. 29 lakh crore. SBI commands a market share of 33.3% and 19.3% in home loans and auto loans respectively. SBI has the largest network of 22,294 branches and 65,561 ATMs / ADWMs in India with 67,735 BC outlets. The number of customers using internet banking and mobile banking stand at 104 million and 51 million respectively. With SBI’s digital strategy right on track – the bank witnessed over 63% of new savings accounts opened through the integrated digital and lifestyle platform YONO in FY22. SBI observed 25,200 new digital savings bank accounts being opened per day via YONO in the quarter ended June 2022. YONO, which has 5.56 crore registered users, witnessed almost 1 crore average daily logins in Q1 FY23. In terms of digital lending, the bank disbursed pre-approved personal loans worth Rs. 4,403 crore through YONO in the same period. SBI also has the highest number of followers on Facebook and Twitter amongst all banks worldwide.