Search
Bank of Baroda Slashes Savings Account Interest Rate by 50 Bps
August 08, 2017
It seems like all the top lenders have started jumping on the “interest rates slashing” bandwagon as days after State Bank of India cut the interest rates on savings account deposits by 0.50%, followed by Kotak Mahindra Bank, now Bank of Baroda has cut the annual interest rate offered on savings accounts by 50 bps.
In a recent regulatory filing, Bank of Baroda has said it has introduced a two-tier savings account interest rate system (quite like the one introduced by SBI a few days back) as per which savings account deposits up to Rs. 50 lakh will attract an interest rate of 3.5% instead of the earlier 4%.
