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.
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.
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.
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.
The revised rates are applicable on fresh and existing FCNR deposits which are renewed on maturity, the lender said.