Indian Bank to offer two tier interest rate structure for savings account

12 August 2017, 12:40 PM
Indian Bank - File Photo
Indian Bank - File Photo

Public Sector Undertaking lender Indian Bank on Friday said that it has introduced a two tier interest rate structure for its customers with effect from Aug 16. The bank shall offer 4 per cent per annum on savings account with an incremental balance of over Rs. 50 lakh and 3.50 per cent per annum for deposit up to Rs. 50 lakh, down from 4 per cent earlier.

The lender in a statement said it "has introduced two tier interest rate structure for saving bank accounts and will offer 4 per cent interest per annum for incremental balance over Rs. 50 lakh and 3.50 per cent per annum for balance up to Rs. 50 lakh."

Recently, the country's largest lender State Bank of India had slashed interest rate on savings account deposits by 50 basis points to 3.5 per on balance of Rs. 1 crore and below. However, SBI continues to offer 4 per cent interest on savings account balance of Rs. 1 crore and above.

First Published: Saturday, August 12, 2017 12:32 PM

Related Tags:

For all the latest Business News Download the News Nation App available on Android and iOS.