Indian bank decided to offer two tier interest rate to customers on saving accounts. The discount will be based on the amount deposited in the saving account which will be as below:
Amount over Rs. 50 Lakh: If the amount deposited in the saving account of Indian Bank is more than Rs. 50 lakhs then bank will apply interest rate of 4% on the amount.
Amount Less than 50 Lakh: If deposited amount in the saving account of Indian bank customer is less than 50 Lakhs, then interest rate will be paid as 3.50%.
The new interest rates will came into effect from 16 August, 2017 as said by the bank in a BSE filing.
The new announcement by PSU lender Indian bank came few days after country’s largest lender State Bank of India (SBI) slashed interest rate on savings by 50 basis points to 3.50%. SBI also set minimum amount in saving bank to get 4% interest rate. However the minimum amount set by SBI is double of what Indian Bank has set that is one crore.
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