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Syndicate Bank cuts savings account interest rate by 0.5%

Rate cut applicable for deposits up to Rs 25 lakh

Press Trust of India  |  New Delhi 

Syndicate Bank
Logo of Syndicate Bank. (Photo courtesy: Twitter/@MishraPiyusha)

Public sector has cut by 0.50 per cent to 3.50 per cent for up to Rs 25 lakh.

"The bank has revised rate of interest on savings bank with effect from October 10 to 3.50 per cent from 4 per cent existing rate," the bank said in a regulatory filing.

For the above Rs 25 lakh, the is unchanged at 4 per cent.

With this, has joined over two-dozen banks, both from public and private sector, who have cut on deposits in various quantum.

of on Wednesday closed 2.78 per cent down at Rs 62.85 on

First Published: Wed, September 27 2017. 21:25 IST