SBI's new rule on savings accounts, short-term loans from tomorrow: 5 points livemint.com

From May 1, India’s largest bank State Bank of India (SBI) will move to a new interest rate regime on large savings account deposits as well as short-term loans. In March, SBI had announced that it will link its interest rate on savings account with balance above ₹1 lakh and short-term loans like overdraft and cash credit facility to Reserve Bank of India's (RBI) repo rate, effective 1 May 2019. Or in other words, interest rates on large SBI savings account deposits and interest rate on some short-term loans will automatically change as and when RBI changes its repo rate. This will help in better transmission of RBI’s policy rates into the banking system.