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Bandhan Bank, UCO and United Bank of India cut deposit rate

One of the factors that led to the rate cut was huge deposit mobilisation after demonetisation

Namrata Acharya  |  Kolkata 

Following State Bank of India footprints, several other banks have already slashed interest rates on deposits. Effective from Monday, Bandhan Bank reduced interest rates on deposits by 25 basis points to 8 per cent (the highest rate of fixed deposit), which it is offering on one-year tenure for less than Rs one crore. The rate cut, among other things, has been necessitated by huge pool of deposit which the bank received post demonetisation, said C S Ghosh, MD and CEO, Bandhan Bank. At present, the deposit base of Bandhan Bank stands at around Rs 20,300 crore. Out of this, around Rs ...


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First Published: Tue, November 29 2016. 00:35 IST