Last week, the Reserve Bank of India reduced its repo rate yet again. With the 25 basis points reduction, the repo rate now stands reduced to 6 percent. Four banks including the country's largest bank, State Bank of India cut interest rates on savings accounts. Here are the banks that cut interest rates.
Market leader State Bank of India (SBI) begun the process of reducing the interest rate on savings bank account. On July 31, SBI slashed interest rate on savings account deposits by 50 basis points to 3.5 per cent on balance of Rs 1 crore and below. SBI Hikes Minimum Balance For Savings Account: Know The Charges
Private sector lender Axis Bank reduced the interest rate on savings bank accounts by 50 basis points to 3.5 per cent for deposits up to Rs 50 lakh. However, the bank will continue to pay 4 per cent interest on deposits of above Rs 50 lakh. Axis Bank Cuts Savings Deposit Rate
Bank of Baroda
PSU lender Bank of Baroda had cut the rate to 3.5 per cent on deposits of up to Rs 50 lakh. Karnataka Bank too had tweaked the interest rate on savings bank accounts. Banks Won't Reveal These Secrets To Customers
The private bank, Karnataka Bank has raised interest rates on savings bank account for large balance above Rs 1 crore to 5% while for small balances below Rs 1 lakh, the bank has reduced it to 3%. Earlier the private bank was charging 4% irrespective of the amount in the account. List Of Banks That Cut Lending Rates, Check Out The New Base Rates Here