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Last Updated Thursday October 19 2017 11:34 PM IST

Bank of Baroda cuts interest on savings account by 50 bps

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Bank of Baroda cuts interest on savings account by 50 bps Bank of Baroda

New Delhi: Within days of SBI slashing interest rate on savings bank account, another PSU bank - Bank of Baroda - has followed suit, cutting it to 3.5 percent on deposits of up to Rs 50 lakh.

"We wish to inform you that it has been decided to introduce a 2-tier savings bank interest rate (from) August 5...," the bank said in a regulatory filing.

Effective on Saturday, the interest rate on savings bank balance of up to Rs 50 lakh has been reduced to 3.5 percent from the current annual 4 percent.

However, for balance above of Rs 50 lakh, the bank has retained the rate at 4 percent.

On July 31, the country's largest lender State Bank of India had slashed interest rate on savings account deposits by 50 basis points to 3.5 percent on balance of Rs 1 crore and below.

However, SBI continues to offer 4 percent interest on savings account balance of Rs 1 crore and above.

More banks are likely to follow suit.

Read more Business news | Center miffed with RBI's hawkish rate cut pace

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