ALSO READDena Bank cuts savings rate by 0.5% on deposits up to Rs 25L SBI up 5% as it cuts interest rate on savings account deposits SBI led consortium to sell 51% stake in Odisha power plant SBI firms up after cutting interest rate on savings account deposits ICICI Bank cut interest rate on savings account by 0.5%
PSU lender Andhra Bank today lowered interest rate on its savings bank account to 3.5 per cent in line with market competition.
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.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)