Optimus_Prime
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Within days of State of Bank of India (SBI) slashing interest rate on savings bank account, another public sector unit (PSU) bank—Bank of Baroda—has followed suit, cutting it to 3.5% on deposits of up to Rs50 lakh.
“We wish to inform you that it has been decided to introduce a 2-tier savings bank interest rate (from) 5 August...,” the bank said in a regulatory filing.
Effective Saturday, the interest rate on savings bank balance of up to Rs50 lakh has been reduced to 3.5% from the current annual 4%. However, for balance above of Rs50 lakh, the bank has retained the rate at 4%.
After SBI, Bank of Baroda cuts interest rate on savings account by 50 bps
“We wish to inform you that it has been decided to introduce a 2-tier savings bank interest rate (from) 5 August...,” the bank said in a regulatory filing.
Effective Saturday, the interest rate on savings bank balance of up to Rs50 lakh has been reduced to 3.5% from the current annual 4%. However, for balance above of Rs50 lakh, the bank has retained the rate at 4%.
After SBI, Bank of Baroda cuts interest rate on savings account by 50 bps
