After SBI and other banks, India’s largest private-sector lender ICICI Bank became the latest bank to cut its savings bank rate on August 18. The bank had cut the interest rate on deposits below Rs. 50 lakh to 3.5%, said in a notice to the stock exchange. The reduced rate is effective from August 19.
Punjab National Bank (PNB) cut their interest rates on savings bank accounts by 50 basis points to 3.5% on deposits up to Rs 50 lakh.
However, PNB has reduced interest rates on fixed deposits of less than Rs 1 crore by 15-40 basis points on select maturities.
Meanwhile, Union Bank of India said that it has reduced interest rates on savings deposits with balances up to Rs 25 lakh to 3.5% from 4% earlier. Other accounts will continue to earn interest at the rate of 4%.
Several other lenders including, HDFC Bank, Bank of Baroda, Karnataka Bank, Axis Bank have also revised their interest rate on savings bank accounts.
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