Photo: MintNew Delhi: Public lender Canara Bank has reduced interest rate on savings bank accounts by 50 basis points to 3.5% on deposits of up to Rs50 lakh. “The bank has decided to revise the rate of interest on savings bank deposits with effect from today,” Canara Bank said in a regulatory filing. Canara Bank said customers maintaining savings bank balance up to Rs50 lakh will get 3.5% while those maintaining above Rs50 lakh will continue to earn an interest of 4% per annum. Earlier this month, Axis Bank had reduced interest rate on savings bank accounts by 50 basis points to 3.5% for deposits up to Rs50 lakh. Karnataka Bank, too, has tweaked the rate on savings bank accounts.

Source: Mint September 01, 2017 10:18 UTC