Public sector lender Jammu and Kashmir Bank and Andhra Bank has lowered interest rate on its savings bank accounts by 0.50 per cent to 3.50 per cent following the industry trend.
J&K bank has revised the interest rate on savings bank deposit accounts with effect from September 12.
“The revised interest rate on domestic/NRO/NRE rupee savings bank deposits is revised to 3.5 per cent per annum from 4 per cent per annum,” the bank said in a regulatory filing.
Andhra Bank : interest rate cut by 0.50 percent
PSU lender Andhra Bank lowered interest rate on its savings bank account to 3.5 per cent with effect from September 15.
Deposits up to Rs 50 lakh will now attract 3.5 per cent interest rate from 4 per cent, Andhra Bank said in a statement.
However, deposits over Rs 50 lakh will still attract 4 per cent interest.
The new rates will be effective from September 15, it said.
The rate cut chain was triggered by State Bank of India (SBI) reducing interest rate on savings deposits on July 31 by 0.5 per cent to 3.5 per cent for deposits up to Rs 1 crore.