"The bank has revised the interest rate downward on savings account balance by 50 bps to 3.50 per cent per annum on balance of up to Rs 50 lakh," it said in a BSE filing.
The bank will continue to offer 4 per cent interest per annum on savings account balance of Rs 50 lakh and above, it said.
On July 31, the State Bank of India (SBI) had also announced a 50 bps cut in the interest rates but for savings accounts having deposits below Rs 1 crore.
The revised interest rate for SBI savings accounts having up to Rs 1 crore deposit now stands at 3.5 per cent while those having above Rs 1 crore balance in their savings accounts continue to enjoy the 4 per cent interest rate.
The decline in the rate of inflation and high real interest rates are considered the primary reason for banks going for rate cuts on the savings bank deposits.
(This story has not been edited by Social News XYZ staff and is auto-generated from a syndicated feed.)
Doraiah Chowdary Vundavally is a Software engineer at VTech . He is the news editor of SocialNews.XYZ and Freelance writer-contributes Telugu and English Columns on Films, Politics, and Gossips. He is the primary contributor for South Cinema Section of SocialNews.XYZ. His mission is to help to develop SocialNews.XYZ into a News website that has no bias or judgement towards any.
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