SBI negates idea of savings bank rate hike
By Neelima Shankar
Nov 2, 2011
Print    Email    RSS   

The largest lender of the country, State Bank of India, whose stand on revising savings bank account rates has been eagerly awaited by all has negated the idea of any such revision presently.

Speaking on the decision of the bank, Chairman, Mr Pratip Chaudhuri said, "We will not be amongst the first few. We will watch the other banks first. We do not have any immediate plans to hike the interest rates on savings bank accounts."

"Interest rate is not the only factor to open a bank account. A large number of people have multiple bank accounts... It all depends on quality of service and facility offered to them. The decision to hike interest rates on savings deposits has to be taken with great consideration and tabulation," said Chaudhuri.

Another top official of the bank commented, "The total deposits in SBI's savings accounts are to the tune of nearly Rs 3.5 lakh crore, and a hike of 1% in interest would mean that it would cost us Rs 3,500 crore, which will have to be passed on to the customers."


(Comments Posted : 1) Post Your Comments
1. people will withdraw their money then.if other bank gives more,then they will shift.its better to start first as top bank.
mukesh (Posted: Nov 2, 2011)
Show All Comments
 Select a product:

 Select a product:

Things to know before retirement
Fixed Deposits: Safest instrument to invest
Children’s Saving Account- teaching...
Need of nomination in bank accounts
Planning to invest in a bank FD? Think again

NANGAL: CaℒL Giℛℒ In Una 09855660911 Escoℛt...
Chandigarh@CaℒL Giℛℒ In Rajpura +O9855660911...
If I invest 100000 rupees deposit for 2 year , how...

Federal Bank launched V connect for its customers Feb 12, 2015
Andhra Bank on expansion mode Feb 11, 2015
Dena Bank earned a profit of 13%. Feb 9, 2015
Banks expected to cut down the rates Feb 5, 2015
RBI kept the rates unchanged Feb 4, 2015
News Archive