<p>State Bank of India (SBI) has reduced the interest rate on savings accounts by a marginal 5 basis points to 2.70 per cent effective from October 15.</p>.<p>The new saving rates are applicable on balances of less than Rs 10 crore, on which the bank earlier offered 2.75 per cent per annum interest.</p>.<p>The lowering of rates on savings accounts by SBI comes at a time when the peer lenders have been raising deposit rates to mobilise funds.</p>.<p><strong>Read | <a href="https://www.deccanherald.com/business/economy-business/imf-praises-rbi-tightening-monetary-policy-to-curb-inflation-1152857.html" target="_blank">IMF praises RBI tightening monetary policy to curb inflation</a></strong></p>.<p>However, on saving account balances of Rs 10 crore and above, SBI has increased the deposit rates to 3 per cent per annum from 2.75 per cent earlier.</p>.<p>Bank of Baroda on the other hand hiked the interest rates on foreign currency non-resident (FCNR) deposits across various currencies and maturity periods by up to 135 basis points.</p>.<p>The new deposit rates came to effect from October 16, 2022 and will remain in force till November 15, 2022, Bank of Baroda said in a release on Monday.</p>.<p>The revised rates are applicable on fresh and existing FCNR deposits which are renewed on maturity, the lender said.</p>
<p>State Bank of India (SBI) has reduced the interest rate on savings accounts by a marginal 5 basis points to 2.70 per cent effective from October 15.</p>.<p>The new saving rates are applicable on balances of less than Rs 10 crore, on which the bank earlier offered 2.75 per cent per annum interest.</p>.<p>The lowering of rates on savings accounts by SBI comes at a time when the peer lenders have been raising deposit rates to mobilise funds.</p>.<p><strong>Read | <a href="https://www.deccanherald.com/business/economy-business/imf-praises-rbi-tightening-monetary-policy-to-curb-inflation-1152857.html" target="_blank">IMF praises RBI tightening monetary policy to curb inflation</a></strong></p>.<p>However, on saving account balances of Rs 10 crore and above, SBI has increased the deposit rates to 3 per cent per annum from 2.75 per cent earlier.</p>.<p>Bank of Baroda on the other hand hiked the interest rates on foreign currency non-resident (FCNR) deposits across various currencies and maturity periods by up to 135 basis points.</p>.<p>The new deposit rates came to effect from October 16, 2022 and will remain in force till November 15, 2022, Bank of Baroda said in a release on Monday.</p>.<p>The revised rates are applicable on fresh and existing FCNR deposits which are renewed on maturity, the lender said.</p>