Indian benchmark indices end higher on Monday, SBI slashes savings interest rate
According to media reports, on Monday, the State Bank of India (SBI) announced that it is slashing its savings interest rate. A balance above rupees one crore will continue to earn interest at four per cent per annum but for balances of Rs 1 crore or below, the interest will be 3.5 percent per annum.
The bank in its press release said that the decline in the rate of inflation and high real interest rates were the primary considerations warranting a revision in the rate of interest on saving bank deposits.
Top gainers on Monday included SBI, Power Grind Corp, Tata Steel, Larsen, ONGC, Bank of Baroda and ICICI Bank while Sun Pharma, Dr Reddy's Labs, Idea Cellular, Lupin, ITC and Cipa declined.
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