Bank of Baroda has retained the interest rate at 4% for balance above of 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%. On 31 July, the country’s largest lender State Bank of India had slashed interest rate on savings account deposits by 50 basis points to 3.5% on balance of Rs1 crore and below. However, SBI continues to offer 4% interest on savings account balance of Rs1 crore and above.

Source: Mint August 04, 2017 15:56 UTC