4 Banks That have Slashed Savings Bank Account Interest Rates

Posted By:
Subscribe to GoodReturns
For Quick Alerts
For Daily Alerts

    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

    Axis Bank

    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

    Karnataka Bank

    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


    Read more about: banks sbi axis interest rate
    Story first published: Wednesday, August 9, 2017, 13:39 [IST]
    Company Search
    Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'

    Find IFSC

    Get Latest News alerts from Goodreturns

    We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more