SBI links large savings a/cs and overdrafts to repo rate

With effect from May 1, savings bank deposits, with balances of above Rs 1 lakh, will earn a return equivalent to 2.75% below the prevailing repo rate. Since the current repo rate is 6.25%, the interest on these accounts will continue to be 3.5%. However, should the RBI again cut rates in its next policy in April 2019, the return will come down.

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