Bank of Baroda, another public sector bank, has reduced the rate of interest on deposits up to Rs 50 lakh from half-a-share to 3.50 percent, after a few days after State Bank of India (SBI) reduced interest rates on savings accounts.
In the list sent to the stock exchanges, the bank said that the bank has decided to introduce interest rates in two types of savings from August 5.
Today, customers with savings accounts in the bank will get 3.50% interest on deposits up to Rs 50 lakh annually. However, customers will receive 4% interest on deposits of more than 50 lakh rupees. Before this, SBI reduced the interest rate on deposits up to Rs 1 crore to 3.50% from 4% on savings accounts on July 31.
