Few days before SBI had 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 continues to offer 4 per cent interest on savings account balance of Rs. 1 crore and above.
PSU bank Bank of Baroda recently cut interest rate for savings accounts to 3.5 per cent on deposits of up to Rs. 50 lakh. More banks are likely to follow suit.
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