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Syndicate Bank Slashes Savings Account Interest Rate by 50 bps
October 03, 2017
Public sector Syndicate Bank has cut its savings account interest rate to 3.50% from the previous 4% for deposits up to Rs. 25 lakhs. However, for deposits above Rs. 25 lakhs, the interest rate will continue to be 4%.
As per Syndicate Bank’s regulatory filing, the new rate of interest, which reflects a cut of 0.50%, will be effective from October 10.
Syndicate Bank’s interest rate slashing has made it join over two-dozen other banks that adopted a similar two-tier interest rate format. These include SBI, PNB, Canara Bank, Axis Bank, Bank of Baroda, etc.
