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ICICI, Union Bank of India cut savings rate

SBI started the trend on July 31 with a cut of 50 basis points on savings deposits

Anup Roy  |  Mumbai 

Photo: Shutterstock
Photo: Shutterstock

the country’s largest private sector lender and, one of its public sector peer reduced their savings bank rates by 50 basis points on Friday, expanding the number of that have their in recent times. 

State Bank of India (SBI) started the trend on July 31 with a of 50 basis points on savings deposits. Bank of Baroda, Punjab National Bank, HDFC Bank, Axis Bank, YES Bank and now Union Bank and have also to match competition. But, the baskets are different for different  

For example, SBI reduced its to 3.5 per cent for deposits up to Rs 1 crore. For ICICI Bank, the is effective for deposits up to Rs 50 lakh. 

Beyond Rs 50 lakh, savings bank remain at four per cent. In case of Union Bank, the in would be applicable for deposits up to Rs 25 lakh. For deposits above Rs 25 lakh, the rates continue to remain at four per cent.

First Published: Sat, August 19 2017. 01:00 IST
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