state Bank of India ,State Bank Of India) has reduced the interest rate on savings accounts by a modest 5 basis points to 2.70 per cent with effect from October 15. The new savings rates are applicable on balances below Rs 10 crore, on which the bank had earlier offered 2.75 per cent per annum. interest.

The reduction in rates on savings accounts by SBI comes at a time when peer lenders are increasing deposit rates to raise funds.

However, on savings account balances of Rs 10 crore and above, SBI has increased the deposit rates to 3 per cent per annum from the earlier 2.75 per cent.

Bank Of Baroda On the other hand, interest rates on foreign currency non-resident (FCNR) deposits in various currencies and maturities were hiked by up to 135 basis points.

Bank of Baroda said in a release on Monday that the new deposit rates came into effect from October 16, 2022 and will be applicable till November 15, 2022.

The lender said the revised rates are applicable on fresh and existing FCNR deposits that are renewed on maturity.