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Andhra Bank Slashes Savings Deposits Interest Rate by 50 bps
September 12, 2017
Public sector Andhra Bank today cut the interest rates on the savings account deposits to 3.5% from the existing 4%, which is exactly in line with the recent trend followed by other banks such as Bank of Baroda, Punjab National Bank, and Bank of Maharashtra.
Andhra Bank said that from September 15 onwards, savings accounts deposits up to Rs. 50 lakhs will earn an interest rate of 3.5%. However, deposits above that will continue to earn a 4% interest rate.
