Unwelcome news to depositors of Savings and term deposits in banks
State Bank of India, country’s largest lender announced the cut the interest rate on savings bank (SB) deposits up to Rs.1 lakh to 3.25 per cent from 3.50 per cent effective from November 1, 2019. The bank has also announced a reduction in interest rates on term deposits across select maturities. This has created panic…