Central Bank of India announced cutting interest rates on savings accounts by 50 basis points for deposits up to Rs 50 lakh. Central Bank of India reduced its saving account interest rate by 50 basis point or 0.50 percentage point to 3.5 per cent for deposits up to Rs 25 lakh. According to the Central Bank, Those having up to 25 lakh in their saving account can get 3.50% interest. While those having balance more than Rs 50 lakh will get 4% interest.A number of private and public sector banks, including market leader SBI, HDFC, Bank of Baroda, Dena Bank, Axis bank, Yes Bank, Karnataka Bank have reduced their saving account interest rate in recent time.
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