Current Affairs - Banking - Discussion

SBI has introduced a new two-tier savings account interest rate system from July 31, 2017. On balances below Rs. 1 crore, the interest rate has been brought down to 3.5 per cent from 4 per cent. On balances above Rs. 1 crore, the bank will continue to offer 4 per cent. It had cut the MCLR (marginal cost of funds based lending rate) or its key lending rate, by 90 basis points effective January 1, 2017, on the strength of large inflows in savings and current accounts after demonetisation.