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Andhra Bank cuts interest rate on savings account to 3.5%

Press Trust of India  |  New Delhi 

PSU lender today lowered on its savings account to 3.5 per cent in line with market competition.

up to Rs 50 lakh will now attract 3.5 per cent from 4 per cent, said in a statement.

However, 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 (SBI) reducing on savings 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.)

First Published: Mon, September 11 2017. 20:07 IST