Public sector Syndicate Bank has cut savings account interest rate by 0.50 percent to 3.50 percent for deposits up to Rs 25 lakh.

"The bank has revised rate of interest on savings bank deposits with effect from October 10 to 3.50 percent from 4 percent existing rate," the bank said in a regulatory filing.For the deposits above Rs 25 lakh, the interest rate is unchanged at 4 percent.

With this, Syndicate Bank has joined over two-dozen banks, both from the public and private sector, who have cut the interest rate on deposits in various quantum.

State Bank of India (SBI) started the trend on July 31, and Bank of Baroda, Punjab National Bank, HDFC Bank, Axis Bank, YES Bank, Union Bank and ICICI Bank and many more have also cut to match competition. But, the baskets are different for different banks. Ten Banks That Have Slashed Interest Rates On Savings Bank Accounts

Shares of Syndicate Bank on Wednesday closed 2.78 percent down at Rs 62.85 on BSE.

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