SBI introduced a two-tier interest rate structure, cutting the rate for accounts with less than Rs 1,00,00,000 to 3.5%, while those above it still net 4%.The new logo of State Bank of India (SBI) is pictured at the podium of the venue of a news conference after the announcement of SBI’s fourth quarter results, in Kolkata, India May 19, 2017. Credit: Reuters/Rupak De Chowdhuri/FilesState Bank of India, the country’s largest lender, on Monday introduced a two-tier interest rate structure for its savings bank accounts, reducing interest rates for most of its depositors.Accounts with a balance of 10 million rupees ($155,994.07) and less will earn 3.5% per annum effective July 31, while those above 10 million rupees will continue to earn 4% per annum, the bank said in a statement.About 90% of SBI’s savings accounts have balances under 10 million rupees.“The decline in rate of inflation and high real interest rates are the primary considerations warranting a revision,” SBI said.The revision would enable the bank to maintain its Marginal Cost of funds-based Lending Rate (MCLR) at existing rates, the lender added.The bank’s overnight MCLR rate, effective July 1, currently stands at 7.75%.Shares of the bank spiked after the announcement, climbing as much as 4.75%.($1 = 64.1050 Indian rupees)