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

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

Press Trust of India  |  New Delhi 

J&K Bank, Jammu and Kashmir Bank
J&K Bank

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

"The bank has revised the on savings bank deposit accounts with effect from September 12, 2017. The revised 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 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 traded 2.70% up at Rs 81.70 on

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Tue, September 12 2017. 15:42 IST