The public sector lender (PSU), Indian Bank, one of the PSU lenders in India, announced a two-tier interest rate for its savings deposits. The bank announced it last Friday, August 11, 2017.
Like other major banks such as SBI, Axis Bank, and Bank of Baroda, the PSU lender, Indian Bank also revised its existing interest rates for savings account deposits and announced that it would offer an annual rate of 4% for savings account with incremental deposit over Rs.50 lakhs, and 3.5% for deposits up to Rs.50 lakhs. The new interest rates of Indian Bank will be effective from August 16, 2017.
The State Bank of the India recently slashed interest rate on savings account by 50 basis points to 3.5% for a deposit of Rs 1 crore and below. The leading private sector lender, Axis Bank reduced its interest rates on savings deposits by 50 basis points to 3.5% which is applicable for deposit up to Rs.50 lakhs. Similarly, Kotak Mahindra Bank also reduced interest rates on savings deposits to 5.5% from its previously existing rate of 6%. Bank of Baroda revised its rates on savings deposits downward to 3.5% for deposit up to Rs.50 lakhs.
The reduction in saving deposit interest rates by various banks may lead to lower lending rates and create greater competition among various lenders.
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