J&K Bank cuts interest rate on savings account to 3.5%

Public sector lender Jammu and Kashmir Bank (J&K) has lowered interest rate on its savings bank accounts by 0.50% to 3.50% with effect from today, following the industry trend.

"The bank has revised the interest rate on savings bank deposit accounts with effect from September 12, 2017. The revised interest rate on domestic/NRO/NRE rupee savings bank deposits is revised to 3.5% per annum from 4% per annum," the bank said in a regulatory filing.

The interest rate cut primarily began with industry leader SBI slashing it 0.50% to 3.50% for deposits up to Rs 1 crore on July 31 this year.

So far, nearly two-dozen banks, both public and private, have cut interest rate in various quantum on deposits they pay to customers.

Shares of J&K Bank traded 2.70% up at Rs 81.70 on BSE.