State Bank of India (SBI) has introduced a two-tier interest rate structure on savings bank deposits.

With effect from July 2017, a savings bank balance of over Rs 1 crore will earn an interest rate of 4% per annum (p.a.), while the ones with Rs 1 crore or less will earn an interest rate of Rs 3.5% p.a. The move sent the stock soaring 4% in intra-day deals to Rs 313 levels on the Bombay Stock Exchange (BSE). “The decline in the rate of inflation and high real interest rates are primary considerations warranting a revision in the rate of interest on saving bank deposits,” ...