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  1. Central Bank, Dena Bank cut savings rates

Central Bank, Dena Bank cut savings rates

Central Bank of India and Dena Bank on Monday reduced interest rates on savings accounts. While both banks reduced the rate by 50 basis points (bps) to 3.5% per annum, the cuts apply to different buckets.

By: | Published: August 22, 2017 6:46 AM
Central Bank of India, Dena Bank, savings rates, ICICI bank, Union Bank Dena Bank has reduced the rate on accounts with balances of up to `25 lakh. (Reuters)

Central Bank of India and Dena Bank on Monday reduced interest rates on savings accounts. While both banks reduced the rate by 50 basis points (bps) to 3.5% per annum, the cuts apply to different buckets. At Central Bank, the cut will apply to savings accounts with balances of up to `50 lakh. Accounts with higher balances will continue to earn 4%. Dena Bank has reduced the rate on accounts with balances of up to `25 lakh. For balances of above `25 lakh, the rate remains unchanged at 4%. Most major banks recently dropped savings rates to 3.5%, following SBI’s decision to do so for SAs with balances of up to `1 crore. The last two lenders to drop rates were ICICI Bank and Union Bank. ICICI now pays 3.5% on deposits up to `50 lakh and 4% on savings accounts with higher balances. Union Bank pays 3.5% on SAs with balances of up to `25 lakh.

 

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